EUROPE’S ENERGY CRISIS IS KEEPING ENERGY PRICES AND INFLATION HIGH
America leads the world in oil and gas production. We believe midstream energy infrastructure offers predictable cash flows to investors..
The Green New Deal’s Denial of Science
Environmental activists who are against all fossil fuels often accuse their opponents of being “climate deniers”. They claim a scientific basis for their often extreme views, asserting that rejecting their solutions for climate change is to reject science. In fact, the Green New Deal (GND) and its supporters use science selectively to support their objectives […]
Here Comes The Sun: The Bright Future of Oil and Gas
The United Nations Human Development Index (HDI) combines life expectancy, education and income to provide a more complete picture of well-being than simply considering GDP per capita. If one chart can illustrate the global challenge of combatting climate change, it might be the scatterplot below. HDI is inextricably linked to energy consumption. 100 Gigajoules (GJ) […]
Buffett Rethinks Brands; He Should Consider Pipelines
Like Warren Buffett’s legions of followers, we enjoy reading his annual letter. He writes as clearly as he thinks. Buffett’s also a great interviewee, and his TV appearances with Becky Quick on CNBC are engaging – although it’s quicker and almost as illuminating to read the transcript. Buffett is quick to admit mistakes, which simply […]
4Q18 Energy Infrastructure Earnings Wrap Up
Earnings season often produces memorable soundbites during the conference calls that follow. Last summer, Energy Transfer (ET) CEO Kelcy Warren said, “A monkey could make money in this business right now.” (see Running Pipelines is Easy). Kelcy is not overly burdened with modesty, but at least he is backing up his brash comments with results. […]
U.S. National Debt: The Bond Market Doesn’t Care
For almost my entire 38 year career in Finance, we’ve worried about the U.S. Federal deficit. Someone recently asked me if we should still be worried. You’d think that it should have been a problem by now, but it’s not. Thirty year treasury bonds yielding 3% don’t look enticing, but evidently a lot of investors […]