Our Research

TRP announced a 40% sale of its Columbia Gas & Columbia Gulf Transmission network for ~$3.95bn (USD) to Global Infrastructure Partners (GIP) at an implied ~10.5x ‘23E EBITDA multiple (link). We calculate a lower multiple based on…

Happy Friday – ***Excel Back-up Available Upon Request*** Current Prices/ Marks (7/21 ~11AM ET): OKE $66.34 MMP $65.81 Deal Spread: 5.17% OKE Value ‘Reverse’ Implied: $61.26 These are our probability inputs:  Deal closes as is:…

…Hasn’t been uttered on a KMI earnings call in a long time. And it wasn’t on last night’s analyst call, either, with a slight miss versus consensus and guide-down to 2023 estimates on lower commodity…

***We will be back with additional details tomorrow*** Leading with the conclusion we continue to like our o/w mmp vs. u/w oke call into the deal vote on September 21st. This continues to be anchored to our…

Please reach out you have questions on the data. We show w/w changes (%) in active utilization below, by subsector and individual company. We provide sector summaries, but also recommend looking at individual company data…

We spent the weekend going through estimates for the largest six publicly traded independent Permian E&P operators (by oil rig count) on the heels of recent investor discussions and comments, which we highlight here: ***Excel data…

Hope you had a nice weekend! Below are some thoughts and highlights from the week. As always, please reach out with any questions. We received several follow-up questions to yesterday’s note (Are Permian E&Ps Massive…

We are working on our weekly recap. It won’t get done in time for tonight. But for some weekend reading, we are sharing 1) Key investor questions/ comments from the week (not necessarily our views); and…

…For DEN (N/R) Executives. A quick peak at the change of control provisions per the most recent proxy (Denbury 2023 Proxy Statement; see page 57, or 64 in the pdf) reveals the following payouts: 1)…

We ran a quick bottoms up analysis (Three-Stream for 1) Oil; 2) Nat Gas; and 3) NGLs) based on consensus production forecasts for publicly traded domestic Independent E&P companies. Our analysis comes on the heels…

The Schneider Capital Group is excited to host the Third ‘Legends of Energy Dinner’ event in Houston, TX on Thursday, August 17th, featuring Latham & Watkins’ Tim Fenn. We look forward to an interactive discussion…

Please send me an e-mail ASAP for the zoom link if you’d like to join Details:  Tuesday July 11th | 11AM ET NPWR started trading on the NYSE on June 9th, so we believe this will be…

Can you name the movie from the title quote Our Take: LNG pushes to the fore once again with the most recent transaction in the space: Warren Buffett’s Berkshire Hathaway purchases D’s (N/R) remaining 50% stake…

***Please join us tomorrow for an exclusive virtual fireside chat with senior management of Net Power (NPWR). You can find the NPWR ‘w/w SOL change; ‘w/w Borrow change;’ and ‘absolute SOL utilization’ in the Renewables…

We cheekily poke fun at one of our old sales counterparts who was always quick to tell folks ‘well, you can’t eat ‘relative…’ when it comes to stock returns, implying that only absolute returns matter.  …