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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.
Climate Extremists Lack Serious Solutions
To be an energy investor is to consider the energy transition on a daily basis. You don’t even have to be certain that man-made global warming is happening. Simply accepting that it may be possible should still induce a prudent world into managing this risk. Climate is complicated, and certainty that increasing CO2 emissions will […]
Renewables Are An Energy Footnote
Journalists love to write about fast growing renewables. It fits the narrative that solar and wind can eventually replace our traditional sources of energy. It allows the absence of any serious push towards nuclear power to go unanswered. It avoids the uncomfortable question of why China’s increasing emissions from coal are acceptable when in America […]
Germany’s Costly Climate Leadership
Germany’s energy transition, or “Energiewende” as they call it, is causing casualties. One is the Green Party, which did so badly in recent elections that it may not be represented in Thurungia’s regional legislature. More state elections are scheduled and there are concerns of further loss of support. The Greens are the main proponents of […]
Oneok’s Deal Makes Everyone Happy
Oneok (OKE) is developing a habit of surprising the market with their acquisitions. Last year’s deal with Magellan Midstream (MMP) was roundly criticized, including by us, because of few obvious synergies and an unwelcome tax bill for MMP unitholders (see Oneok Does A Deal Nobody Needs). MMP’s refined products business didn’t look like a […]
Deciding When To Sell
Investors sometimes ask us what induces us to sell a security. It’s usually because relative valuation has made one stock more attractive than another. Williams Companies (WMB) is an example. The company holds a unique position in natural gas pipelines with its Transco network running along the eastern US. They have a heavily fee-based business, […]