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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..
Who Do Energy Investors Want In November?
Last week I saw some investors in Florida before joining my partner Henry in Puerto Rico at the national sales conference for Catalyst Funds, our mutual fund partner. The warm, sunny weather and ocean breeze stimulated much useful interaction with clients and salespeople about midstream energy infrastructure. It’s always helpful to hear firsthand the questions […]
Book Review — Not the End of the World
There’s no shortage of books, essays and documentaries warning that climate change will make Planet Earth uninhabitable. Therefore, Hannah Ritchie’s Not the End of the World provides a refreshing reminder of how much is going right and likely ways we’ll adapt to a warmer planet. Ritchie is no climate denier. She studied environmental science at […]
Russian Gas Exports Face An Uncertain Recovery
European imports of LNG rose sharply following Russia’s invasion of Ukraine two years ago. The US was well positioned to step in and provided virtually all the additional LNG Europe bought. The current pause on new LNG export terminals runs counter to these trade flows, but it’s increasingly clear this policy has few supporters other […]
Coal Trade Is Growing
American coal exports are booming. Exports of thermal coal rose 26% last year, to 44 Million Metric Tonnes (MMTs). This is mostly burned to produce electricity. We also exported 46.5 MMTs of metallurgical coal, typically used in industrial processes such as steel manufacture. Shipments of thermal coal to India doubled, to 14.1 MMTs, close to […]
4Q Earnings Wrap
Earnings for 4Q23 are almost complete. Most companies came in at or a few per cent ahead of market expectations. Cheniere (CEI) beat sell-side estimates by 11%, continuing a remarkable run. They are targeting a 1:1 ratio between buybacks and debt reductions and based on their long run desired share count should be retiring 12-13% […]