Our Research

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,…

Please see within for some feedback we have received from our readership base on the heels of the ‘WES for ARIS’ announcement. We have also added a second accretion/ dilution analysis assuming ‘zero’ synergies. Of…

a few thoughts within… We don’t get a ton of questions on WES (Happy to discuss), but with the stock off ~3.5% it’s probably worth a look here on the long side – even for…

Please see within for a full detailed Accretion & Dilution analysis on: 1) EPS; 2) FCF; 3) EBITDA/ share; 4) Leverage; and an 5) implied ROCE calculation and a few quick thoughts. This deal was…

We thought Midstream investors hated huge growth capex projects? Yet the stock is one of the best performers on the day, up ~1.5% at the time of this writing. Does this mean rewarding growth (projects)…

Rather than digesting commentary from the World’s Super-Majors in isolation, we like to analyze their most recent comments (from Q2’25 earnings) in aggregate in order to identify key themes. After a lot of re-reading transcripts…

Our long options chain got smoked today. *But* here’s at least one silver lining with long call options: no margin calls to worry about, thanks to the structure of these contracts. We took advantage of the sell-off…

Earlier today, we published a note looking at implied (unlevered) ROIC versus valuation in the Energy infrastructure sector (Measuring Value Creation: Energy Infrastructure ROIC vs. Valuation (The Latter Doesn’t Seem to Matter… Much). We have…

Within this report, we analyze the relationship between implied (unlevered) ROIC and 2028E EBITDA multiples across our Energy Infrastructure coverage group. The data show an average unlevered ROIC of approximately 15.6% versus a 2028E EV/EBITDA multiple of roughly 8.8x. To…

ExxonMobil (XOM) finds itself at a crossroads in the energy consolidation wave, and the deck of potential acquisition targets has never been more scrutinized – by investors, analysts, and likely the XOM board itself. Luckily,…

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,…

… full numbers and pros/ cons on all of these out over weekend (that is the goal). Some of these are great all around. Some of these are great but likely can’t/ won’t happen. Some…

It’s 17:00 ET at the time of this writing so we get an hour of reprieve before electronic futures trading opens up again at 18:00. As always, we share our monthly natural gas trading performance…

The former add hundreds of billions of market cap on massive capex outlays/ increeases – highlighting the continued AI arms race on the tech side. Or ‘Materialschlacht,’ as we like to coin it (see our…

…in terms of pricing. Or better said, keeping fleets active despite the lack of pricing power. At least according to Sam Sledge, CEO of ProPetro Holdings (PUMP) on yesterday’s Q2 earnings call. PUMP is a…