Our Research

Within please find: Our final valuation at the final IPO terms, assuming upsized proceeds all go towards debt repayment; Implied valuation ranges from $15 – $37 per share (Read On); and How we believe WBI…

We believe ~$175K/ acre is a new record. Granted – this was a small ticket item overall (~$28mm) for this operator – but it is nevertheless indicative of the ‘Tier 1 (hopefully) acreage chase.’ Seems…

…According to an article that hit Bloomberg a few minutes ago. That would imply a price of ~$20 per share based on the initial range of ~$17- $20. ***Updated Valuation Sheet Within*** This is expected…

Within we provide a full accretion/ dilution analysis and some quick thoughts on the CRC for BRY transaction announced earlier today. We use consensus estimates for both CRC and BRY and all of the provided transaction…

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…

Given all the AI hype we figured we’d give our weekly an AI undertone (read on)… oh, and I also like cats… Terminator 2: Judgment Day is a 1991 science fiction action film where the supercomputer…

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,…

Within, we share with you the full results of our recent WBI pre-IPO survey. We expect the issue to price next week (as early as Tuesday). As such, we will be avaible all weekend to…

This offering is expected to price around September 16, 2025. We listened to the roadshow presentation (all documents available online) – a straightforward ~30-minute overview. Within, we provide initial feedback as well as some insights…

Waterbridge (WBI) set its preliminary pricing range today, implying an equity value of ~$575mm (mid) assuming the full shoe. We are not opining on valuation at this point (but we have some ideas…). Stay tuned….

Within, we provide our thoughts on The Texas Railroad Commission (RRC) most recent monthly ‘Summary of Drilling Permits, Completions and Plugging Reports Processed’ for the month of August 2025. Texas Oil & Gas Activity Data for…

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,…

Within, we provide a quick overview of our recent thoughts on natural gas. We also look at implied valuations for the domestic E&P sector (what prices are consensus expectations implying; etc) and the most recent…

Greetings from the road. As always, updating our positioning briefly. We are currently long the commodity via: Oct (NG1) $3.50 Calls (LNE); Expiry Sep 25th 2025 DEC (NG3) $4.50 Calls (LNE); Expiry Nov 24th 2025…

Investor conversation around Plains All American (PAA) and its newly acquired 55% stake in EPIC has been, let’s call it, ‘polarized.’ Spreadsheet purists keep pounding the table on buybacks – so they don’t like the…