Energy is Earning its Cost of Capital (Part 1)
The Gist: Better incentives and industry structure have led to Oil & Gas earning its cost of capital.
The Crude Chronicles
A blog about the financial history of the Oil & Gas 🛢 industry told through charts 📈 that go back 💯+ years.
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Portfolio Insurance in Petroleum
The Gist: Energy offers lower Beta and lower risk than you will find elsewhere in the market due to less earnings volatility and better balance sheets.
Cost Competitive North of the Wall
The Gist: Canadian Oil & Gas producers have become cost competitive with U.S.
The Top 10%
The Gist: Texas Railroad Commission data suggest well productivity growth is slowing as gains from the industry’s highest-producing wells become increasingly difficult to achieve.
Allocating to Exxon
The Gist: We make a case for 9% per annum share price appreciation and 3% dividend yield based on present capital allocation strategies.
Let the Refiners Run
The Gist: Let the refiners continue to run until capacity expansion projects are once again back in vogue and management’s capital allocation strategies begin to change.
AI Incentives are the Business Cycle
The Gist: Big Tech executives are rewarded for growth, not capital efficiency.
Oil Thoughts with Doug Garber of Pitch the PM
I recently had the opportunity to join Doug Garber on the Pitch the PM podcast.
Supplying the Demand.
For decades, BP’s Statistical Review of World Energy has been the industry’s gold standard for historical energy data.
Petroleum in Pangaea
The Gist: Higher oil prices are ultimately needed.