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Rachel Adams-Heard Profile
Rachel Adams-Heard

@racheladhe

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Reporter for @business in Texas. Views are mine. radamsheard @bloomberg .net. Listen to In Trust:

Houston, TX
Joined January 2014
Don't wanna be here? Send us removal request.
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@racheladhe
Rachel Adams-Heard
2 years
In Trust, a new podcast from Bloomberg and iHeartMedia, is out today. This story starts with Osage headrights -- shares in the Osage Nation's mineral estate -- but it goes far beyond that.
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@racheladhe
Rachel Adams-Heard
3 years
“It’s a mind-blowing amount of money.” A firm hired by the state to monitor Texas power market says Ercot overpriced electricity for almost two days, resulting in $16 billion in overcharges via @naurtorious
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@racheladhe
Rachel Adams-Heard
1 year
Introducing my son
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@racheladhe
Rachel Adams-Heard
3 years
A little-known company named Diversified Energy has built an empire by buying up old, low-producing wells in the U.S. This past summer @zachmider and I went to Appalachia to try to find out what that might mean for the planet. This is what we saw.
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@racheladhe
Rachel Adams-Heard
4 years
I asked a 65-year-old retired schoolteacher camped outside BoK Center in Tulsa if was worried about being exposed to Covid at the rally tomorrow. “It’s not real, sweetheart,” he said. “Read a book.”
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@racheladhe
Rachel Adams-Heard
3 years
After a three-year run on the energy beat, I'm moving over to Bloomberg's investigations team. Forever grateful to the folks who helped me learn the industry -- the good, the bad and the ugly. I'll still be in Houston, so I'm sure this won't be the last you hear from me.
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@racheladhe
Rachel Adams-Heard
4 years
A Trump supporter flies a Confederate flag outside BoK Center in Tulsa. Yesterday, hundreds of people gathered in Tulsa’s historic Greenwood District to celebrate Juneteenth. Many said they felt like the timing and location of today’s rally was “a slap in the face.”
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@racheladhe
Rachel Adams-Heard
10 months
NEW: In the afternoon of June 20, real-time power prices in Texas went haywire, spiking above $4,500/mwh. The grid was healthy, but on paper, it looked like there was a shortage of supply (1/6)
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@racheladhe
Rachel Adams-Heard
2 years
UT's endowment is on track to overtake Harvard's thanks to soaring oil prices and production on Permian land it manages via @JanetLorin and @SergioChapa . “The University of Texas has a cash windfall when everyone is looking at a potential cash crunch."
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@racheladhe
Rachel Adams-Heard
3 years
This story from @zachdespart and @serrano_alej is heartbreaking. A man found his brother, 60 years old and with an intellectual disability, "curled up on the floor of his bedroom, bundled in his warmest clothes." He had died of hypothermia.
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@racheladhe
Rachel Adams-Heard
4 years
There’s still a fire truck parked outside the Chinese consulate in Houston. Last night there were at least 15 fire + police + EMS vehicles responding to witnesses who saw documents were being burned inside the consulate’s courtyard.
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@racheladhe
Rachel Adams-Heard
3 years
Physical natural gas prices soared more than 4,000% over two days in Oklahoma. One owner of conventional gas wells in Osage County is taking advantage. “We have old wells that haven’t produced in 10 years, and we’re like, ‘open the taps, let’s go.’”
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@racheladhe
Rachel Adams-Heard
3 years
From a Texas power trader
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@JavierBlas
Javier Blas
3 years
Texas utilities are asking citizens to conserve electricity if possible as ERCOT prices surge across the board above $5,000 per Mw (!!!) and hit the $9,000 cap in many nodes. Texas electricity grid is facing massive demand as cold weather hits southern and central U.S. states
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@racheladhe
Rachel Adams-Heard
4 years
Shale shut-ins are a side show. We’re about to see what happens when the U.S. E&P industry gets off the treadmill w/ ⁦ @CrowleyKev ⁩ and ⁦ @DavidWethe
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@racheladhe
Rachel Adams-Heard
3 years
And here's the Texas Railroad Commission on Biden's OPEC+ request: "While I appreciate your support for increasing the production of oil, quite frankly, we do not need to rely on other countries for natural resources we can produce right here at home."
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@racheladhe
Rachel Adams-Heard
3 years
Elon Musk going full Texas. SpaceX is planning to drill for natural gas near the Boca Chica launchpad via @SergioChapa The reason? The company plans to use the methane it extracts from the ground “in connection with their rocket facility operations.”
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@racheladhe
Rachel Adams-Heard
10 months
Yesterday, we published a story about how a new Ercot service idled cheap supply, leading prices to spike. Today, the market monitor said that service likely raised real-time power costs by $8 BILLION in just 3 months w/ @naurtorious & @ericfan_journo
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@racheladhe
Rachel Adams-Heard
4 years
Harold Hamm's Continental told at least one refiner it couldn't make an oil delivery this week, a move refiners called the "height of hypocrisy" following Hamm's calls to limit foreign imports w/ @jenniferdlouhyhc $CLR
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@racheladhe
Rachel Adams-Heard
4 years
My parents got a puppy and I’ve never driven to Austin faster
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@racheladhe
Rachel Adams-Heard
4 years
A Trump supporter wears an adult diaper that says “Covid my ass.” Some people here for today’s rally say they’re concerned about spiking Covid rates in Tulsa and elsewhere and plan to wear a mask once they get inside the arena. Others say fears are overblown or made-up.
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@racheladhe
Rachel Adams-Heard
6 years
Meanwhile in Austin
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@racheladhe
Rachel Adams-Heard
3 years
Good morning from Houston
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@racheladhe
Rachel Adams-Heard
4 years
Big Sunday energy news: Berkshire Hathaway's energy group to buy Dominion's gas pipeline and storage business for $9.7 billion, including debt Dominion and Duke cancel the Atlantic Coast natural gas pipeline $D $DUK
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@racheladhe
Rachel Adams-Heard
4 years
Shale has a trust problem. A culture that rewarded happy talk meant companies for years reported the rosiest estimates for how much oil & gas they could profitably drill. “All the incentives are pointing in the direction of irrational exuberance.”
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@racheladhe
Rachel Adams-Heard
4 years
ICYMI Kinder Morgan appears to be trying to coin a new word for pipelines: "linear infrastructure."
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@racheladhe
Rachel Adams-Heard
4 years
Harold Hamm weighs in on regulations in a state he doesn't operate in
@MikeLeeFW
Mike Lee
4 years
Harold Hamm, wildcatter and founder of Continental Resources, urges @TxRRC to impose #oil production cuts, at least temporarily.
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@racheladhe
Rachel Adams-Heard
3 years
Wow *ENERGY TRANSFER SAW $2.4 BILLION EARNINGS GAIN FROM TEXAS STORM $ET
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@racheladhe
Rachel Adams-Heard
3 years
And on Day 3 of blackouts, Houston tells residents to boil water before drinking. Which doesn’t work if your stove is electric and the power is out. Hope folks have bottled water.
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@racheladhe
Rachel Adams-Heard
4 years
College students that were headed for the oil industry are being forced to rethink what was once a particularly well-paid career path. At the Colorado School of Mines alone, 20 companies have rescinded internship or job offers. w/ @CatarinaSaraiva
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@racheladhe
Rachel Adams-Heard
4 years
Continental said the $1.13 billion draw on its revolver was because the company was worried about bankers working from home and running into "hiccups in the system" $CLR
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@racheladhe
Rachel Adams-Heard
4 years
In the E&P comments section: "Banks are completely unprepared for what is heading their way. They will need to figure out how to own energy assets this fall."
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@racheladhe
Rachel Adams-Heard
4 years
To recap, post-Covid shale M&A: Chevron-Noble Devon-WPX Conoco-Concho Pioneer-Parsley Highest premium? 15%
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@racheladhe
Rachel Adams-Heard
4 years
Wirth says it's "not a great market" to be selling assets into, while on a call with the CEO of a company that just sold all their assets.
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@racheladhe
Rachel Adams-Heard
4 years
Thoughts and prayers for the company behind Chevron's very glitchy earnings call today. "This will be investigated and corrected," CEO Wirth says before signing off $CVX
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@racheladhe
Rachel Adams-Heard
3 years
My friend at a restaurant in Virginia has informed me that there’s a drink on the menu named Texas Power Grid
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@racheladhe
Rachel Adams-Heard
4 years
S/o to my mom, who leaves food at my door while I'm quarantined post-Trump rally in my childhood bedroom
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@racheladhe
Rachel Adams-Heard
8 months
NEW from me and @naurtorious : It's been almost 3 years since deadly Winter Storm Uri. In its wake, energy markets were scrutinized like never before. But there's a blind spot in the natural gas market: Texas intrastate pipelines (1/x)
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@racheladhe
Rachel Adams-Heard
3 years
Exxon is planning to reduce its corporate headcount 5-10% annually ***for the next 3-5 years*** by using its performance-evaluation system to suss out low performers Big one from @CrowleyKev and @jcarrollhtx : $XOM
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@racheladhe
Rachel Adams-Heard
6 years
A little personal news: This is my last week at @SPGMarketIntel . Very grateful to have worked with such a great team and will miss the #LNG beat. Excited to move down to Houston to join the @business energy team at the beginning of June!
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@racheladhe
Rachel Adams-Heard
3 years
I know you've probably read a lot about the disaster in Texas, but I hope you'll read one more based on a crazy week of reporting and living in a state in darkness via @BW
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@racheladhe
Rachel Adams-Heard
10 months
Incredibly honored to see In Trust recognized with a Loeb award. And immensely grateful to everyone who helped make this a reality, especially all the folks in Osage County who opened their doors to us and helped us tell this story.
@uclaanderson
UCLA Anderson School of Management
10 months
UCLA Anderson presents the 2023 Loeb Award for the Audio category to… two winners! The judges have awarded the only tie of the night to: @business and @iHeartMedia for “IN TRUST” & @Reuters , TIMES OF MALTA AND WONDERY for “WHO KILLED DAPHNE?” #loebawards
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@racheladhe
Rachel Adams-Heard
4 years
Fracking came up more in last night's VP debate than it did in the presidential debate a couple weeks ago. A quick thread on what Biden's climate plan says about fracking (and what it doesn't) -- and what it would mean for the U.S. shale industry (1/x)
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@racheladhe
Rachel Adams-Heard
4 years
This comes less than 24 hours after Dominion and Duke canceled their Atlantic Coast gas pipeline following years of litigation, delays and cost overruns
@ellengilmer
Ellen M. Gilmer
4 years
Unbelievably huge news on Dakota Access: The Dakota Access pipeline must shut down by Aug. 5, a district court ruled Monday in a stunning defeat for the Trump administration and oil industry. #DAPL
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@racheladhe
Rachel Adams-Heard
4 years
Pipelines
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@racheladhe
Rachel Adams-Heard
6 years
A cargo of Russian #LNG is likely headed for Massachusetts, which would be the second time this year the U.S. imported Russian gas as a lack of pipelines and a nearly century-old law keep American shale from making it to the Northeast via @naurtorious
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@racheladhe
Rachel Adams-Heard
4 years
Chevron CEO Mike Wirth and Occidental CEO Vicki Hollub were seated next to each other during today's White House meeting. We're coming up on the 1-year anniversary of the two battling it out for Anadarko.
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@racheladhe
Rachel Adams-Heard
4 years
The case manager for this judge said they would do this if the courtroom was too crowded to allow for social distancing. But at least three reporters (including myself) are in here now and there’s an entire empty row.
@elizTrovall
Elizabeth Trovall
4 years
At the last-minute no reporters are being allowed into the federal hearing on drive-thru voting in #HarrisCounty .
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@racheladhe
Rachel Adams-Heard
4 years
In case you forgot, the Whiting CEO who will "immediately" collect $6.4 million after the company filed for bankruptcy is the same one @ctraywick wrote about in her story on sexual misconduct in Anadarko's Denver office $WLL
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@racheladhe
Rachel Adams-Heard
4 years
Energy Transfer said some Permian E&Ps are already bringing back curtailed crude output. In the Midland Basin, 8% of volumes feeding ET's network were shut in at the start of the month. “As of today, we’ve seen about 25% of that turned back on." $ET
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@racheladhe
Rachel Adams-Heard
4 years
Occidental cut to junk by Moody's $OXY
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@racheladhe
Rachel Adams-Heard
4 years
Got in line for a rapid Covid test at 5 a.m. in Austin. The line is already wrapped around the building. One group of guys is camped out with a cooler drinking beers. They got here at 3:45.
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@racheladhe
Rachel Adams-Heard
4 years
Texas Railroad Commission meeting turns to Harold Hamm, who (like many others) is muted.
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@racheladhe
Rachel Adams-Heard
3 years
I love this passage from my grandfather, who writes in his memoirs about why the San Juan Basin in the four corners area was his favorite as a petroleum engineer. “Wells can be generous and spiteful, docile and raging fury.”
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@racheladhe
Rachel Adams-Heard
3 years
Wild seeing this much of Houston in the dark
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@racheladhe
Rachel Adams-Heard
4 years
We're on Hour 10 of the Texas Railroad Commission meeting.
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@racheladhe
Rachel Adams-Heard
4 years
Blackstone just reported a 6.9% in Energy Transfer $ET
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@racheladhe
Rachel Adams-Heard
3 years
Some personal news
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@racheladhe
Rachel Adams-Heard
3 years
New Mexico, home to some of the most sought-after acreage in the Permian Basin, just voted to approve stricter rules on natural gas flaring and venting via @SergioChapa on @TheTerminal
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@racheladhe
Rachel Adams-Heard
1 year
New: Oklahoma Attorney General Gentner Drummond is considering a natural gas market manipulation case related to 2021 Winter Storm Uri
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@racheladhe
Rachel Adams-Heard
4 years
When it rains, it pours. COURT ORDERS SHUTDOWN OF DAKOTA ACCESS CRUDE PIPELINE $ET
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@racheladhe
Rachel Adams-Heard
3 years
Who needs sell-side advisors when you have Scott Sheffield (via @CrowleyKev )
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@racheladhe
Rachel Adams-Heard
5 years
Over the past five years, the typical CEO liquidated about $4 million worth of equity, based on the median of data assessed by Raymond James. Almost 60% were net sellers.
@business
Bloomberg
5 years
Top executives at America’s oil and gas producers keep saying that their companies are undervalued. That hasn’t stopped them from dumping their own shares
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@racheladhe
Rachel Adams-Heard
4 years
Many oil companies will blame Covid-19 and the recent crash in crude prices for their demise, but the first round of bankruptcies probably would have happened anyway $WLL
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@racheladhe
Rachel Adams-Heard
5 years
E&P earnings going well
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@racheladhe
Rachel Adams-Heard
3 years
Fossil fuel divestments are playing a big role in BP's progress toward its biggest climate target: net-zero emissions. We looked at what happens after those assets change hands. Our story here w/ graphics by @rachaeldottle :
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@racheladhe
Rachel Adams-Heard
3 years
My phone made me a slideshow of “cityscapes in Houston” and three of the photos are of things on fire
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@racheladhe
Rachel Adams-Heard
3 years
Shoutout to March 2020 Rachel for leaving a jar of honey in my desk that is now coating all of my belongings
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@racheladhe
Rachel Adams-Heard
5 years
Attention oil producers: Tudor Pickering is literally begging for the capex hikes to stop.
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@racheladhe
Rachel Adams-Heard
5 years
It's a go: Exxon and Qatar Petroleum will build the $10 billion Golden Pass #LNG export project in Texas.
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@racheladhe
Rachel Adams-Heard
3 years
Unsurprisingly, the Texas Oil & Gas Association says it would not support legislation requiring weatherization of oil and gas infrastructure
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@racheladhe
Rachel Adams-Heard
4 years
In just a matter of weeks, Ryan Sitton went from being a lame-duck commissioner of an obscure Texas agency to one of the key figures in a global effort to save the oil market from plummeting prices
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@racheladhe
Rachel Adams-Heard
3 years
The chair of the Texas Railroad Commission just said the regulator wasn't aware that natural gas infrastructure could be considered critical, which would theoretically prevent the oilfield from losing power (which she's blaming for the bulk of gas supply issues)
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@racheladhe
Rachel Adams-Heard
4 years
"Apache has no current plans for future drilling at Alpine High." $APA $ALTM
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@racheladhe
Rachel Adams-Heard
4 years
The Biden administration has signed a 60-day moratorium on issuing oil and gas leases on federal lands. E&Ps with federal land exposure are taking a hit, with $DVN down 9% and $EOG down 7.5%.
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@racheladhe
Rachel Adams-Heard
3 years
Just looked at the Google Reviews for Griddy, which offers Texas customers exposure to wholesale power prices Clear a lot of folks didn't understand what they were signing up for, not that this week's events were in any way predictable
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@racheladhe
Rachel Adams-Heard
5 years
Welcome to the Alpine High, where two and a half years ago Apache made a big bet on a little-drilled corner of the world's biggest oil field. The problem, at least in the eyes of some investors, is it's not like the rest of the Permian. $APA $ALTM
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@racheladhe
Rachel Adams-Heard
5 years
First it was capex, now it’s overhead. For U.S. shale producers, general and administrative costs are increasingly under pressure as investors demand returns w/ ⁦ @scottdeveau
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@racheladhe
Rachel Adams-Heard
5 years
Full house at the women in energy dinner at #CERAWeek . This is the first year the panel has been open to the entire conference (previous years were invite-only).
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@racheladhe
Rachel Adams-Heard
5 years
The bottom-feeders have arrived to the oil patch. “I compared it recently to the real estate industry in the early 1990s, where you had empty buildings all over the place, and nobody had cash to play," Sam Zell says.
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@racheladhe
Rachel Adams-Heard
10 months
A Bloomberg analysis shows 2,000 MW on June 20 were sidelined even though they were capable of providing energy more cheaply than market prices at the time Two dozen market participants and Texas grid experts say those increased costs will eventually be felt by consumers (5/6)
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@racheladhe
Rachel Adams-Heard
5 years
Shale doubters finally get their moment as the revolution falters. "They're losing money every year. There's something wrong with this." via @markets
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@racheladhe
Rachel Adams-Heard
10 months
But June 20 revealed how it also did something else: Remove cheap supply from the market, even during peak demand (4/6)
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@racheladhe
Rachel Adams-Heard
4 years
Still reeling from a collapse in crude prices, the crown jewel of the Permian Basin is bracing for its next threat: A president who wants to ban new fracking on federal lands "It scares the heck out of us"
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@racheladhe
Rachel Adams-Heard
1 year
A new trailer for Killers of the Flower Moon is out today. If you listened to In Trust, you may recognize a familiar voice. Everett Waller, the chairman of the Osage Minerals Council, has a role in the movie (1/3)
@OsageNews
Osage News
1 year
Full-length trailer released for upcoming ‘Killers of the Flower Moon’ The film, with a running time of 3 hours and 26 minutes, will be released exclusively in theaters beginning Friday, Oct. 6 and wide on Oct. 20 before streaming globally on Apple TV+
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@racheladhe
Rachel Adams-Heard
5 years
In case you want a bottle of Dom with your 86-cent sweet tea
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@racheladhe
Rachel Adams-Heard
4 years
The frack sand industry has a lot more to worry about than a ban on new fracking on federal lands
@realDonaldTrump
Donald J. Trump
4 years
Carney: Joe Biden‘s Energy Plan Would Eviscerate Wisconsin Sand Miners via @BreitbartNews Wisconsin would be badly hurt because Biden would definitely end Fracking. No more Sand Mine usage!
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@racheladhe
Rachel Adams-Heard
4 years
The InfoWars armored truck is here.
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@racheladhe
Rachel Adams-Heard
3 years
Special shoutout to the MLP simplifications, the tier I acreage, the Railroad Commission meetings and the earnings calls featuring seven people named Randy.
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@racheladhe
Rachel Adams-Heard
6 years
“EBITDA”
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@racheladhe
Rachel Adams-Heard
5 years
We’re on day three of the Deer Park fires in Houston. Two more tanks caught fire overnight after firefighters briefly lost water pressure.
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@racheladhe
Rachel Adams-Heard
4 years
Greetings from Tulsa. I’ll be here covering today’s Juneteenth event in Greenwood and tomorrow’s Trump rally.
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@racheladhe
Rachel Adams-Heard
4 years
The federal judge in the Harris County drive-thru voting case has rejected a group of Republicans’ petition seeking to block drive-thru votes, saying they don’t have legal standing
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@racheladhe
Rachel Adams-Heard
3 years
The oil majors are shrinking faster than demand for fossil fuels. There’s no shortage of national oil companies ready to fill that gap w/ ⁦ @lc_hurst ⁩ and ⁦ @CrowleyKev
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@racheladhe
Rachel Adams-Heard
4 years
Double Eagle is the company co-founded by John Sellers and Cody Campbell, two Texas Tech football players who started buying and flipping leases and now have backing from private equity firm Apollo.
@JulieFineTX
Julie Fine
4 years
From White House Official. President Trump will visit Double Eagle Energy in Midland next Wed. This will be the President’s 16th trip to Texas since he was elected. @nbcdfw
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@racheladhe
Rachel Adams-Heard
5 years
“You are my sunshine” outside Cafe du Monde #TropicalStormBarry @tictoc
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@racheladhe
Rachel Adams-Heard
3 years
Another natural gas pipeline scrapped following years of permitting issues and legal opposition. This time, the PennEast natural gas pipeline that would have run from Pennsylvania to New Jersey via @sjcasey and @GregStohr
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