EUROPE’S ENERGY CRISIS IS KEEPING ENERGY PRICES HIGH
America leads the world in oil and gas production. We believe midstream energy infrastructure offers predictable cash flows to investors.
Crude and MLPs March Higher Together
For the first half of the year crude oil prices moved irregularly lower before bottoming in June, since when they’ve moved smartly higher. Master Limited Partnerships (MLPs) have roughly followed this path, and have also moved smartly higher in recent weeks. Non-crude cashflows drive MLP operating performance, but crude drives investor sentiment. No amount of […]
Litigating Away From a Cleaner Future
Earlier this month I visited a good friend and client in London where he invited me to address some Summer interns about what we do. In the first moments I was asked if I’d considered the moral aspects of enabling fossil fuel use. Recently armed by Alex Epstein (see The Moral Case for Fossil Fuels), […]
The Oil and Water Business
It’s seldom appreciated outside the energy industry, but drilling for oil, natural gas and natural gas liquids (NGLs) involves handling far more water than hydrocarbons. This isn’t just because production often involves pumping water into a well. Water is usually present naturally, and comes up with the oil and gas that is produced. Ideally in […]
A Simpler MLP Can Be Better
“Oceania was at war with Eurasia; therefore Oceania had always been at war with Eurasia.” 1984, George Orwell. The hurriedly organized investor call with Plains All American (PAA) a week ago (rushed because of approaching Hurricane Harvey) must have been inspired by the revisionist history propagated by “the Party” in Orwell’s polemic against totalitarianism. PAA’s […]
Escheatment
Escheatment used to apply when a property owner died without a will or legal heirs. It was the process by which those assets were transferred to the state. Its meaning has since evolved to include theft of property by the state by legal means. So it was that at the Lack home we recently received […]