Our Research

Our recent client conversations on natural gas reflect the widest – and most fiercely opinionated – divide seen in years. From rapid-fire near-term trading to 2026+ macro scenarios, LNG expectations have polarized the market drawing…

Within we provide a uniquely comprehensive, cross-sector lens on the entire energy, utility, and chemicals universe – quantifying where each segment stands in terms of price momentum, valuation, and market-implied upside. By combining technical positioning…

Thoughts on DevTerra? source: The Schneider Capital Group; The Internet Over the weekend, we published a comprehensive accretion/dilution analysis on a hypothetical merger of equals between DVN and CTRA – zero premium, all equity, with full…

Because… who knows what will happen into year-end (or beyond)! Why now? We spent a lot of time digesting chemical earnings over the past few weeks. Both from pure play chemical companies (speciality & commodity)…

Effective immediately (and with Q3 earnings in the rear-view mirror), we are closing our Q3 earnings portfolio (‘Most Loved & Hated: link‘) for a median return of ~9% (average ~8%). Full portfolio positions within. The…

Summarizing key chatter and high-level discussions… Within we focus on: Topical stock discussions and key macro/ industry themes to were front and center last week. This week we cover IEA Pushes Out ‘Peak Oil’; CVX Analyst…

Activist Kimmeridge is now active in both Devon Energy and Coterra Energy – most recently surfacing via a disclosed stake in Devon on Friday (following the open letter to CTRA earlier this month). The combination…

For the news, we include a brief summary description for each headline. We only include links to news sources that do NOT require you to have a subscription to the respective site, or if they do, they are free of charge. However,…

Yes; Depends; Yes (slam-dunk buying COP)/ Yes (looks good in excel with BP – other hurdles)/ Eh – We’re ok w/o OXY. Just a few casual thoughts ahead of the CVX Analyst Day tomorrow. We…

Within, we take our first stab at the Esentia IPO going over: Offering Details; Assets and Operational Scope (Including Growth Estimates); Financial Results and Forecasts (Including Initial Multiples); Key Risks; Additional Details & Governance; and…

For Q3 earnings, the boldest line on Wall Street isn’t coming from an activist letter (sorry Kimmeridge) – it’s front and center in FRMI’s first-ever shareholder letter, setting the stage for a Q3 release that…

Within we show our updated NAV for VG post today’s Q3 earnings release. Happy to chat feedback post today’s results. Timm Key changes: 1) Updated for Q3 actuals and new SPAs; 2) Arbitration liability now…

After (re)poring over Q3 earnings calls from the globe’s energy heavyweights – Aramco, Exxon, Chevron, BP, Conoco, Eni, Equinor, Shell, and Total – a profound shift in narrative emerges: ‘Exploration,’ once sidelined by capital discipline,…

For the news, we include a brief summary description for each headline. We only include links to news sources that do NOT require you to have a subscription to the respective site, or if they do, they are free of charge. However,…

…but spoiler alert: We do not believe that will happen any time soon. We believe management is happy with the status quo of collecting cash from the subs and buying back shares at the HoldCo…