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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.
Which Pipeline Companies Are Best At Capital Allocation?
An axiom of capitalism is that a business must earn a Return On Invested Capital (ROIC) in excess of its Weighted Average Cost of Capital (WACC). It’s just as true for a lemonade stand as for a conglomerate. I should note here that fifteen years ago our younger daughter (then about nine years old) set […]
The Climate Benefits Of LNG
The pause in issuing new Liquefied Natural Gas (LNG) permits is among the least defensible energy policies of this Administration. It has been widely criticized. Jamie Dimon called it naive, and the International Energy Agency worries that it will impede the supply of natural gas on global markets. The US Department of Energy (DOE), which […]
The Natural Gas Energy Transition
The long term demand outlook for natural gas continues to improve. India is likely to double its consumption by 2040, and much of that will rely on imports of Liquefied Natural Gas (LNG). This will offset coal consumption, lowering local pollution as well as CO2 emissions. The International Energy Agency (IEA), normally a tireless promoter […]
Spinning Off Value
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 […]
Energy Lifts Poor Countries Up
The International Energy Agency (IEA) released their 2024 World Energy Outlook last week. The IEA has become a renewables cheerleader in recent years, issuing projections of energy consumption that are frequently implausible. However, they still produce a Stated Policies Scenario (“STEPS”) which omits their more fanciful projections. Electricity demand from data centers has been a […]