Our Research

I’m from Chicago. We don’t do Lacrosse in the Midwest. Baseball/ Basketball/ Football. BUT my office is  right next to the Franklin & Marshall Stadium (pictured above). A D-3 school in central PA, albeit at…

TC Energy (we still call it TransCanada ~100% of the time) reported results earlier today and hosted a conference call. The market liked it. Shares of TRP are up ~2.2% at the time of writing,…

AR is the second largest Independent E&P ‘long’ position in our Model Portfolio, with a ~6% weight. Our largest Upstream position is Permian Resources (PR) at ~11%. Shares of AR are up ~10%+ at the…

TRGP was an anchor holding in our core model portfolio last year. We do not have a position this year.However, given the company’s 1) vast Permian footprint; 2) C-Corp structure (versus MLP); and 3) ‘cult…

…With a 17% weight on the ‘Long’ side. The company reported Q4’23 earnings post the close and hosted a conference call. Shares are up marginally afterhours despite 2024 EBITDA guide (mid) of ~$14,650mm that was slightly…

Please let us know if you would like to discuss some of the relative set-ups. Please note at the time of writing, the author holds: 1) a ‘long’ position in shares of ARLP, Alliance Resource…

We spent a lot of time over the past few months dissecting potential M&A targets. COP and BP made a lot of sense. But the FANG Endeavor deal reshuffled the landscape once again. We now…

Within we share some of the feedback from our discussions with investors. Shares of FANG finished the day up ~14% to ~$166 per share. This makes FANG the best performer out of our Upstream coverage,…

But is it really a weather (demand… or lack thereof) or production (supply) story? Interested in your thoughts, as always… We had a lot of discussions on natural gas this week, despite a very busy…

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…

At the time of writing, the author currently holds a ‘1) long’ position in shares of ARLP, Alliance Resource Partners L.P.; 2) a ‘long’ position in shares of Citigroup (C); and 3) a short position…

Of course, we can’t say for sure, BUT equities of both entities are (as of 13:00 EST) actually outperforming the overall group today. Further, PAA is up ~2% YTD versus MLP peers ET up ~0.70%,…

…there is a 0% chance BP is a buyer of anything… Thx to all!.  The impetus for the survey was our note from February 6th 2024: BP Just Became the ‘Belle of the Ball:’ SHELL or COP…

Shares of ENPH are up ~15% AH at the time of this writing. The quarter (not great) itself wasn’t the reason for the jump in the share price. That said, the CEO noted on the call…

e-mail for thoughts… I can’t listen to this analyst meeting anymore. ***WHY IS EVERYONE MISSING THE POINT. BP IS NOW THE PRIME TAKEOUT TARGET*** …We have a lot of thoughts on this. But like I…