One of the challenges facing solar energy in providing electricity is that demand often peaks at the beginning and end of the workday. When people are preparing to head to work or school, electricity demand rises. The second peak occurs during early evening during dinner. Solar output peaks around midday, inconveniently between the twin household […]
Author Archive for: Simon Lack
About Simon Lack
This author has not written his bio yet.
But we are proud to say that Simon Lack contributed 683 entries already.
Entries by Simon Lack
S&P earnings are estimated to be +8% this year, according to Factset’s most recent publication. The sharp sell-off in stocks last week shows that markets are looking ahead to revised guidance. Covid-19 is a true black swan event that is challenging people to assess its impact. For example, my daughter just canceled a Caribbean cruise […]
Few sectors are immune from coronavirus fears, and energy is no exception. Although U.S. midstream energy infrastructure is overwhelmingly domestic, growing oil and gas exports have increased business sensitivity to global export demand. Liquified Natural Gas (LNG) prices for Japan and South Korea (the Japan/Korea Market, JKM) have fallen dramatically in recent months. This was […]
Earnings season for pipeline companies is drawing to a close, with just a few more names left to report. Results have been mostly as expected with a couple of surprises. Targa Resources (TRGP) handily beat expectations for 4Q19 EBITDA at $465MM versus $362MM. CEO Joe Bob Perkins drew criticism last year for his flippant comment […]
To their credit, Kinder Morgan (KMI) responded to our recent blog (see Kinder Morgan’s Slick Numeracy). We exchanged several emails, although they declined our invitation to write a rebuttal which we promised to publish unedited. The company stands by their presentation, but did concede that some slides might have been more clearly labeled. We had […]
Just over three months ago, Saudi Arabian oil facilities were put out of action by a drone and missile strike. Oil prices jumped. It seemed indisputable than Iran was behind the attack – the sophistication was beyond that believed available to the Yemeni Houthi rebels who claimed responsibility. Saudi retaliation appeared inevitable, as half their […]
Last week shareholders of the American Energy Independence Fund (USAI) approved its reorganization into the Pacer American Energy Independence Fund. Today, Pacer took over from SL Advisors as the fund’s advisor. We expect that this will allow Pacer Advisors to leverage its resources for and focus its marketing and distribution efforts on growing USAI’s AUM. […]
Closed end funds (CEFs) are an obscure sector of the market with a small but fiercely passionate following. Because they have a fixed share count, they can trade at a premium or discount to the value of their holdings, which are usually public equities or debt. This creates appealing opportunities to buy at a discount […]
Our blog topics are often informed by the subjects that come up in conversations with clients. October was a wrenching month, with the Alerian MLP index slumping to -6% versus +2% for the S&P500. MLPs have lagged equities by an astonishing 22% YTD. Over the last couple of weeks we have been busier than usual […]
Three years ago, Energy Transfer Equity (then ETE, now ET following its 2018 simplification) cleverly extricated itself from a ruinous attempted acquisition of Williams Companies (WMB). Having relentlessly pursued his target, ETE CEO Kelcy Warren came to regret the terms he’d offered as rating agencies criticized the overly leveraged contemplated combined entity. Having failed to […]