Our Research

***Excel Data for ~200 Corporates + Historical Numbers Available Upon Request*** A few interesting observations (As always, please let us know if you have questions interpreting the data): PAA SOL utilization increased by ~3.1% w/w…

Within please find a collection of news for the week. As always, please let us know if you would like to catch-up! We only include links to news sources that do NOT require you to…

Within please find a collection of news for the week. As always, please let us know if you would like to catch-up! We only include links to news sources that do NOT require you to…

We’re (almost) back in the Northeast post a great week of meetings in Houston. Quick stop-over in Florida. If you are in the Tampa/ St. Pete area tonight… we will be out talking Energy! Hit…

A few weeks ago we published a comprehensive M&A survey. Who gets bought, who is the buyer etc. Full details on website. In this note we take a look at CEO CIC (Change in Control)…

Realize some folks don’t like the EIA (or IEA) data, but the new drilling productivity report just got released yesterday. Also out earlier this morning (U.S. Time), the IEA Monthly Oil Market report. Happy to talk through…

***Excel Data Available Upon Request. Full Company Level Details (~200 Corporates) Within*** The following equities exhibited notable w/w changes in their active shares on loan utilization… (we are using end of October as a benchmark…

Happy Saturday, I will be in the West Village today for the Penn State game if anyone is around and wants to chat Energy. Ping me. Within we provide our updated performance metrics for 1)…

Shares of PLUG are down ~40% on the day and ~68% since 6/30/2023, the inception of our Core Model Portfolio. We are closing our Underweight position, effective immediately, following the company’s Q3 earnings release and…

Biggest Single Stock Losers (Since Inception): UW VLO (-7%) OW KMI (-4%) UW BP (-3%) Biggest Single Stock Winners (Since Inception): UW PLUG (+57%) UW NEE (+25%) OW PXD (+16%; This position has been closed)…

…The runners (NYC marathon today). Though I believe Marathon (MPC + MPLX) are well run entities, so I guess good luck to them as well! Also, I had some last minute engagements pop up in…

Following ET’s Q3 1) earnings release; 2) guidance update(s); and 3) conference call, we are maintaining our ‘Overweight’ call as part of our Core Model Portfolio (Book 1). Recall we closed out our OW on…

Recall we initiated the OW call on 6/30/2023 at a price of $26.35 per unit. We are closing it out today at a price of ~$26.20 (at time of this writing), for a loss (per unit;…

At a very high level – and we don’t want to read too much into EPD’s ‘hot’ capex – but with E&P companies doing more with less broadly speaking (costs/ capex down and production at…

We received a lot of inbounds after publishing our M&A Survey Results yesterday. If you missed the initial publication, you can access it via the website here: (Part 1) Within, we provide a table that…