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..
Energy Infrastructure is Results-Based ESG
Investing based on environmental, social and governance principles (ESG) is intended to make the world a better place. It’s a loosely-used term, and definitions vary widely. Seeking companies with good governance seems so obvious that it scarcely belongs in ESG. But environmental and social principles carry the suggestion that investment return shouldn’t be the only […]
Pipelines’ New Look
The point of a public equity listing is to be able to access public markets for financing, to use the stock as a currency for acquisitions, and to provide liquidity for investors. A company’s cost of equity moves inversely with its stock price, just like bond yields and prices. Access to cheap equity is vital […]
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 […]