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Warren Buffett has commented in the past that as an investor you should buy a company so strong that it could be run by an idiot, since someday it will be. The management of Transocean (RIG) is busy providing evidence in support of this rule. Their stock is already reeling from a likely large settlement related to the […]
A couple of weeks ago South Bow Corporation (SOBO) began trading on Nasdaq. It’s a spin-off from TC Energy (TRP) which decided to split its liquids business off from its core natural gas pipeline activities. SOBO operates the Keystone pipeline that moves crude oil from Hardisty in Alberta south via Cushing, OK to Houston and […]
Once again a liberal activist judge has succumbed to a far-left climate extremist group. On Tuesday DC Circuit Chief Judge Srinivasan, along with Circuit Judges Childs and Garcia sent parts of a previously granted permit from the Federal Energy Regulatory Commission (FERC) back for review. NextDecade’s (NEXT) Rio Grande LNG export terminal was one of […]
Recently I’ve given presentations to a couple of investment clubs in Naples, FL. Usually I speak about midstream energy infrastructure, but I was also asked to expand on Our Darkening Fiscal Outlook, recently published on our blog, The Q&A is always enjoyable at such events. Below are some common themes that came up. Don’t weak […]
Targa Resources provided one of several bright spots among pipeline earnings last week with a 50% increase in their dividend planned for next year. Their cashflows are increasing strongly. JPMorgan projects a Distributable Cash Flow (DCF) yield of 14% for this year, rising to 16% in 2024 and almost 18% in 2025. The new $3 […]
I listed to the audio version of Going Infinite by Michael Lewis on a recent road trip visiting clients. If you’re planning to drive from Washington DC to Columbia, SC and then on to Charleston, you’ll find that the book and travel time are nicely synchronized. It’s always better when the author does the reading. […]
Oneok Inc (OKE) surprised sell-side analysts with their Mother’s Day acquisition announcement of Magellan Midstream, LP (MMP) at a 22% premium. Anticipated synergies of $200MM aren’t that big for the $18.8BN transaction value. Management expects that to reach $400MM+ but nobody can ever tell after the fact whether it happened or not. And given the […]
UK Prime Minister (PM) Liz Truss has reached “in office but not in power” in record time. On September 6th she met with Queen Elizabeth II and formally became PM. Two days later the Queen died, commencing a period of mourning that ended with the monarch’s funeral on September 19th. Practically speaking, that’s when Liz […]
Last week’s Economist magazine included an illuminating op-ed by Nigeria’s vice-president on “the hypocrisy of rich countries’ climate policies.” Like most emerging countries, Nigeria is simultaneously pursuing two goals; improving the access of Nigerians to energy, while reducing the country’s Greenhouse Gas (GHG) emissions. Vice-president Yemi Osinbajo’s essay neatly captures the dilemma his and other […]
Last week’s FOMC meeting for once gave the market something to ponder. The $120BN of monthly bond buying looks set to taper before the end of the year, and to be down to zero by next summer. Fed buying of mortgage-backed securities has been especially superfluous, as shown by the red-hot housing market. The market […]
