Our Research

Within, we provide a quick overview of our recent thoughts on natural gas. Recall we actively take (real money) natural gas positions – primarily via options (for better or worse). We believe this helps our active…

SLB reported Q3’25 earnings on Friday. While much of the call (and analyst questions) focused on SLB’s digital business, we were primarily interested in macro takeaways – specifically global oil markets. Full details within, including…

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,…

…according to the Liberty (LBRT) Q3 earnings call on Friday. But who cares?! Since LBRT also have a power business and are hitting all the buzzwords around growing power demand, data centers and AI. Or…

As we are wrapping up our Houston trip (one last group dinner tonight, then off to NYC in am), we figured we’d share a few quick updates on recent discussions. After three location changes we…

We construct a new ‘Love/Hate’ portfolio based on investor sentiment changes each month, spanning our ~200 issuer coverage universe across six energy & utility verticals. We typically review this portfolio on a month-over-month basis, but…

Waterbridge (WBI) IPO’d on September 17th. Today marks the first day that the Sell-Side Equity analysts of the bookrunners were able to initiate on the company. Recall WBI was an upsized offering that priced at…

For NOV-25, This is not the rolling front month (that one has been well lower – this is the actual NOV 25 contract when we look back a few years). The contract is down ~18%…

VG wiped-out ~$14bn in market cap over the past week on the back of Friday’s arbitration-driven ~25% share price collapse. In this note, we break down VG’s relative trading behavior across equity, preferreds, and debt,…

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,…

Below, we provide a concise technical summary across our ~200-stock coverage universe, spanning the following segments: Upstream Midstream & Energy Infrastructure Downstream (Refining & Integrated Oil) Oilfield Services Alternative Energy & Clean Tech Utilities &…

Venture Global (VG) shares took a major hit post close after announcing a pivotal 8-K – an arbitration tribunal sided with BP over disputed commissioning cargoes at Calcasieu Pass 1 (CP1). The stock closed at…

Feedback on the SM-CIVI tie-up speculation spans from widespread apathy (‘who actually cares about an oily SMID cap deal with this crude tape except bankers, lawyers, and C-suites chasing C-i-C payouts?’) to outright disbelief (‘What…

Within, we take a detailed look at what the current FRMI options chain is telling us about positiniong. We find this fitting for an equity that we believe – afterall – is an option (and…

Another potential barn-burner in SMID cap E&P land… Link to article: Civitas Weighs Merger With Permian Basin Rival SM Energy Screens accretive on FCF and leverage, marginally so on EBITDA. We assume CIVI is the…