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New setback rules went into effect on January 1, pushing drilling in California to more rural areas. Read more here. → Read More
Tellurian has failed to lock down Driftwood during peak LNG mania. Click here to read my thoughts on TELL stock and why it is a Sell. → Read More
Investors tend to think about natural gas prices based on Henry Hub, but that is just one listed price for gas. Click here to read my analysis. → Read More
Diamondback's recent purchase of FireBird Energy is not its first multi-billion dollar acquisition and it won't be the last. Learn more about the deal here. → Read More
Marathon pays less of a dividend than many of its refining peers. That will change. Read why MPC can afford to bump the payout more than one might expect. → Read More
California Resources is mighty cheap, largely because of the risks that come from doing business in California. Read why I'm on the sidelines on CRC stock. → Read More
Buffett's involvement in Occidental Petroleum has turned a poor performer into one of the stars of 2022. Click here to read our analysis of OXY stock. → Read More
News that Elliott is involved in Suncor is not new, but we're starting to see the impacts of that. This and other factors are contributing to Suncor's bull thesis. → Read More
There are several reasons to stay away from ONEOK. Read more to see the three most prominent ones that should be front and center of investor minds. → Read More
DCP Midstream is one of a handful of midstream firms that have publicly-traded preferred stock remaining in their capital stack. Read more here. → Read More
Energy Transfer reported blowout earnings in Q1, making it one of the stars of the midstream space. See why I think there is some upside to ET's guidance. → Read More
Energy stocks have been decimated from a one-two punch impacting supply and demand: the OPEC+ reversal and COVID-19.But, have we seen this before? 2014-2016 saw oil prices collapse more than 70% on supply and demand fears.Is this worse? Arguably so. But midstream valuations are much different as well. → Read More
A root cause of the recent spat between OPEC+ revolves around US shale and what its place in the global energy space should be. While somewhat similar to the oi → Read More
Chesapeake Energy provided preliminary Q4 numbers a couple of weeks ago. Not much was in there to give investors any hope.Given the current forward curve and lack of flexibility, Chesapeake is all but guaranteed to default on its credit agreements.However, there might be a tiny hint in this press release on the Haynesville sale. Or it could be a red herring. But it's worth speculating on. → Read More
Taubman Centers will be bought by Simon Property Group; mall investors rejoice.The broader market balks and distressed mall names remain within spitting distance of yearly lows.The moral of the story is the importance of quality. → Read More
Devon is in the later stages of a transition out of Canada and away from natural gas. Results have been solid.The sale of Barnett shale assets sets the company up to reduce leverage and buy back shares, helping ease the discount the company trades at versus E&P peers.While not my favorite upstream play, there is a lot to like here from both an exposure and story-driven catalyst framework. → Read More
Ring Energy tends to draw in investors because of the low costs of drilling and stated breakevens / IRRs.While the company claims IRRs of 131% at $50.00/WTI, it cannot generate free flow at the same time. What gives?Ring Energy is a lesson in breaking down financial presentation assumptions, understanding their faults, and comparing that against actual booked results. → Read More
Natural gas pricing has tumbled significantly. The futures curve looks pretty rough for 2020.Credit downgrades are starting to pick up in the space as free cash flow drops and asset sales have been sparse.Who survives or makes it out the other end of this downdraft will all come down to credit markets access. → Read More
The fall in the share price at Occidental is no surprise for anyone tracking what institutional investors want in an upstream E&P. Retail investors have poured → Read More
At first blush, the Chefs' Warehouse concept sounds appealing: catering to the high end foodservice customer.Reality is different. The company has tripled revenue in recent years, gaining scale - but margins have gone down instead of up.Leverage has remained under control only via equity offerings and hybrid debt products with low interest rates. The business does not outearn its cost of capital. → Read More