Our Research

…Our initial thoughts on Elliott’s ~50-page slide deck and proposal to unlock value at PSX. Link to the dedicated ‘Streamline 66’ website: Streamline66 | Elliott Management Leading with the Conclusion: PSX’s (Midstream) separation is not…

please see within for some initial thoughts. We had pointed out the leverage in VG’s business model (for better or for worse – the sword cuts both ways) in several previous notes. We published a…

Natural Gas Futures have had a bullish start to February, currently trading at ~$3.55/mmbtu (NG1) versus a recent bottom (for the March contract) of ~$3/mmbtu on Jan-31. We just put a small-short position on at…

We will keep the survey open through tomorrow post-close. Within we show ~100 M&A transactions that survey takers highlighted so far, sorted by 1) Acquiror; and by 2) Target. We have combined 1) ‘should happen;’…

***Please continue to fill out our 2025 M&A Outlook survey, if you have not done so already*** https://www.surveymonkey.com/r/3TTKVPW Please see the detailed note within for which stocks survey takers (Read On) have gotten right, and…

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…

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…

thx for the almost 50 responses already! On KMI for LNG (this was in the *SHOULD* happen – not the *WILL* happen). Sell the terminal assets to Buckeye (Private) and hopefully get some of the…

…does that make us the ‘Voldemort of LNG’ (also given the physical resemblance) if we believe the risk/ reward is skewed to the upside w/ VG at ~$17p/s (which appears to be in the non-consensus…

Shares of a VG are down ~12% on the day at the time of this writing, underperforming peer Cheniere (LNG) and NFE by an average ~600bps. This is due to a combination of several perceived…

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…

Within, we provide our thoughts on The Texas Railroad Commission (RRC) most recent monthly ‘Summary of Drilling Permits, Completions and Plugging Reports Processed’ for the month of January 2025. ***Happy to chat on specific stock takes…

Tariff discussions have dominated our recent conversations. We do not believe tariffs matter much for domestic natural gas, at least relative to domestic oil. That said, natural gas once again showed why it is one…

please see within. Please note we closed our NG1 long position after electronic trade open earlier tonight. Timm Thx to all who reached out to chat and discuss the set-up! Opinions are all over the…

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…