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…

…so we present the data within for 21 companies. Average organic ROCE for the group is ~18%. Median ~16%. Implied ‘build’ multiple of ~5.5x. Ping us for methodology. Timm ROCE for our infrastructure coverage on…

In our latest analysis, we dissect 1) organic ROCE; and 2) implied M&A ROCE across our Energy Infrastructure coverage universe. ET’s recent earnings call (see our website for details) marked a paradigm shift – the…

Within, we share with you real-time 1) Current Absolute Shares-on-Loan Utilization; 2) W-W % Changes in Absolute Shares-on-Loan Utilization; 3) Borrow; and 4) Changes in 4-week moving average shares-on-loan utilization for ~200 publicly traded corporates across…

…once again. Let us explain: We were able to escape the weekend NG1 short position unscathed due to some favorable weather runs (for beats) but then piled into the NG1 short (too) early on the…

The bifurcated share structure at VG makes it a tough takeout target if it does not want to be acquired. That said, our most recent Energy Infrastructure outlook survey had some voters pick VG as…

~15 brokers initiated on Venture Global (VG) yesterday as the mandatory post-IPO research embargo period expired. Target prices range from ~$16 on the low end to ~$29 on the high-end, with a Long (Buy) bias….

Following the announcement of Diamondback Energy’s (FANG) $4.1 billion acquisition of 40,000 net acres and ~27,000 boepd production from Double Eagle IV, investor reactions have been mixed, with many questioning the valuation, strategic fit, and long-term…

The potential M&A landscape in energy infrastructure is heating up, and our latest proprietary 2025 M&A Outlook Survey (Part 3) delivers the most intriguing deal combinations – straight from our survey takers. No offense to…

…if one were to go on our proprietary M&A survey! Thx again to all who responded. Yesterday we published Part 1 of our proprietary 2025 Energy sector M&A Outlook survey, highlighting our respondent’s highest conviction…

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…

…according to our proprietary 2025 Energy M&A Outlook survey. Thanks to all who participated. There are 12 transactions across Upstream, Midstream, and Services. We are breaking the survey down into two parts. In Part 1,…

Our note from earlier in the week (Read on) set a TSCG (The Schneider Capital Group) readership record of well over 3,000 readers in the first 24 hours. We have some thoughts within… To refresh,…

Please see withing for ‘Less Hated’ and ‘More Hated’ equities w/w… We changed it from ‘Most Loved’ and ‘Most Hated.’ It seemed too aggressive. Within, we share with you real-time 1) Current Absolute Shares-on-Loan Utilization; 2)…

Please see within for a quick summary of the Q4 earnings call and a collection of ‘notable quotables.’ We have received most questions on 2025 capex guide so far (which was above consensus). Will investors…