Our Research

Biggest Single Stock Losers (Since Inception): UW BP (-12%) UW VLO (-7%) OW KMI (-3%) UW XOM (-2%) Biggest Single Stock Winners (Since Inception): UW PLUG (+42%) UW NEE (+36%) OW COP (+21%) OW EOG…

***Please see below for a comprehensive summary of weekly news articles*** We only include links to news sources that do NOT require you to have a subscription to the respective site, or if they do,…

…to replace PXD after closing out our OW PXD vs. UW XOM trade earlier in the week (link). Recall we are choosing not to play the arb spread here. We maintain our UW on XOM…

***We have had a ton of feedback/ discussions on this transaction today*** Because it is a special day for all of us in Energy (not counting the Broadcom deal since it was announced in 2022…

Effective immediately, we are removing our OW PXD and UW XOM trade ideas from our model portfolio. We initiated the positions on June 30th for a total return (share price only) of ~16%. With the…

Investor Call at 11AM CST/ 12PM EST Dial-In: 720.543.0217 Passcode: 2259793 Link to Prepared Remarks: XOM Prepared Remarks Link to Presentation: XOM – PXD Deal Presentation All-equity deal w/ exchange ratio of 2.3234 ExxonMobil shares for each…

We identified 1) WMB; and 2) TRGP as the most ‘accretive’ potential buyers of the Plains’ Structure – at least in an excel spreadsheet. Followed by 3) KMI; and 4) ET & MPLX (Tie). By…

…SUN/ TRP/ WES/ UAN/ BEP/ MAXN/ VTNR/ VTLE/ EQNR/ DK/ RNGR/ FTI/ CLB/ AGR/ OGE/ IDA/ VST with largest w/w % moves (details within). ***Excel Data Available Upon Request. Full Company Level Details (~200 Corporates) Within***…

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, in order to access the…

C3 = Propane. Naturally! October 7th is National Propane Day. Hope you are out celebrating! …OW DVN Is a (painful) Drag. UW Plug & NEE Drive Outperformance. OW KMI Keeps Lid on Tactical Trade. Is it…

We are reiterating our OW PXD vs. UW XOM tactical call as part of our broader model portfolio. Please see within for a collection of early investor feedback to the WSJ article from last night,…

Links work for active subscribers only ***Please see within for a list of E&P short interest (active utilization; as of yesterday). Several Permian SMID caps are heavily shorted in terms of active utilization. PXD is…

We initially started our scenario analysis with 13 potential buyers for Plains. We quickly whittled this down to five. Within we detail why we eliminated certain companies. Recall the impetus for our analysis was our…

Ugly day in (public) Energy Equities today. The XLE (S&P 500 Energy) finished the day down ~3.37% versus the S&P overall up ~0.80%. E&P companies fared worse, down ~4.16% (XOP) on the day. Oilfield Services…

…PAA/ PAGP/ TRP/ WES/ CEQP/ NS/ GEL/ NEXT/ NPWR/ AMTX/ VTNR/ PR/ NOG/ EQNR/ ACDC/ PR/ HE with larges w/w % moves (either higher or lower; see inside) ***Excel Data Available Upon Request. Full Company…