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.
Chesapeake and Southwestern Are Betting On Higher US NatGas
Chesapeake (CHK) and Southwestern (SWN) are the latest energy companies to be contemplating a merger. Chesapeake was founded by Aubrey McLendon, whose belief in higher natural gas prices combined with his ample risk appetite led the company into financial difficulties during a period of low prices. In 2016 he was indicted by a federal grand […]
US Sets Multiple Energy Records
President Biden probably won’t brag about US energy production, but when the final figures for 2023 are in the US will have set numerous records. Crude oil production reached a record 13.2 Million Barrels per Day (MMB/D) in October, surpassing the prior record set four years earlier before the pandemic. Few analysts were projecting this […]
Bond Rally Helped Equity Valuations
It can fairly be said that the bond market boosted stocks in the last couple of months of the year. Equities have lost their cheapness in recent years, ever since the Fed belatedly became concerned about inflation. TINA became unfashionable as interest rates returned to unfamiliar, reasonable levels. Compared with bonds, stocks are as expensive […]
Year-End Roundup
Heading into year’s end, a number of interesting stories caught my attention. Energy Transfer (ET) rarely avoids conflict and is embroiled in a dispute with three pipeline developers in Louisiana who sought crossings over Gulf Run Pipeline, owned by ET. Momentum Midstream, one of the developers with a $1.6BN project, accused ET of unfair trade […]
Higher Despite Retail Selling
The only negative about the pipeline sector today is the direction of fund flows. It’s regularly covered in this blog and a topic that continues to mystify us. Although we’re still awaiting data for the last two months of 2023, it’s almost certain to be the fifth year of the last six during which retail […]