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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..
A Concentrated Bet On Renewables Stumbles
Costa Rica, a central American country of five million, has a proud history of strong environmental policies. Their electricity comes almost entirely from renewable sources. Hydro is 73%, with geothermal providing most of the rest. Solar and wind are minor. Over the past decade they have reduced oil from 12% to virtually zero. Costa Rica’s […]
A Look Back At Energy Transfer
Energy Transfer (ET) is the pipeline company most often directly owned by the financial advisors we talk to. It seems perennially cheap, and that’s in part due to their controversial history of at times treating themselves better than their other unitholders. They’ve provided plenty of material for this blogger to note how management always seems […]
Pipeline Earnings Keep Climbing
Earnings season for midstream energy infrastructure has been wonderfully devoid of excitement for many quarters. These companies just keep churning out more cash, typically within a few percent of expectations. The exception is Cheniere (CEI), where earnings often come in substantially ahead of sell-side estimates. 1Q reported EBITDA beat by 12.5%. The company spent $1.2BN […]
Discussing Energy In America’s Heartland
I traveled through Indiana last week. A day and a half of meetings in and around Indianapolis were followed by a drive south for an afternoon at Churchill Downs in Kentucky. If you’re lucky enough to be invited to a Jockey Club hospitality suite, a good time is guaranteed. Tye Uppinghouse, our Catalyst Mutual Funds […]
Former BP Geologist On Energy
Last week my partner Henry Hoffman and I had the opportunity to chat with Peter Hill. Peter holds board seats or is on the advisory committee of several companies where he provides energy advice, including Edge Natural Resources, Jaguar Exploration and Citizen Energy LLC. His long career includes 22 years spent at BP in various […]