When you don't get enough on technical Tuesday, you are still.... yep, I did it. Thirsty on Thursday!! Year end reporting season ticks on, a new company comes out almost every day with data that makes the point and so, to quench the thirst for knowledge, Thirsty Thursday is born and first up, CNX Resources. And what would a post be without starting with the SMOG, which is where this entire post is going to live. Below is graph...

It doesn't help to know that misery loves company, but I can tell you I've been there and it just means your river is going a different direction right now. But if misery DOES love company, this is my chapter in it. My Dad always says, "there's a better card on top". You might not see it yet. But its there. And you are NOT your career. Listen to the episode on Apple Podcasts, Spotify, Stitcher, Google Podcasts, Blubrry or your...

Everyone knows I love the data so here's the data I'm looking at. The trade deficit with China was $419 billion in 2018. The province of Hubei has a GDP of $594 billion. 60 million people in that province are in lock-down. One person per family is allowed out every second day to buy groceries. The region produces ~4% of China's GDP and has ~4% of the population. The three core manufacturing capabilities in...

In a special Technical Tuesday, we start with something I don't say very often: "brought to you by popular demand." I take on most issues: global warming; coronavirus over-zealousness; ESG lip-service; and how often I get fired. I write management teams open letters suggesting (nicely) how they could do their jobs better, suggest mergers and generally walk into every controversial subject I can find. But I really didn't want to take on Chesapeake. There is a...

This is DRW reporting live and I have horrible news. Another 1,600 people died today and 542,000 more were infected.  It is an epidemic that is sweeping Africa with over 90% of the cases. As you can imagine, there is mass panic and confusion driven by the world media as live blogs update the numbers minute by minute. In fact, 2 more people just died as I typed that. Cruise ships have halted service to the impacted areas. Flights cancelled...

A torrential flood threatens the golf trip, Chevron “we are built for this”, Cabot 2020 guidance and Parsley Energy and Baytex Energy refi some debt.  Are we going to see merger Monday or is Noah still on a golf trip while the ark is in for repairs? Listen to the episode on Apple Podcasts, Spotify, Stitcher, Google Podcasts, Blubrry or your favorite podcast platform. Thoughts on the episode? Please let me know by sharing in the comments below! Like the episode? Post a review. Got...

Name changes are everywhere! The artist formerly named as Encana obviously takes the award in the "Weirdest Made Up Word" category because I'd be lying if I said that Enverus hasn't made a comeback and grown on me (although it does make me think I should see a doctor about that). With a late entry to the name change competition, Battalion Oil has replaced the Halcon name and has a new management team and board which, after...

When we started “StartUpCo” in 2012, we funded G&A through friends and family (don’t!) and ultimately, couldn’t raise private equity money in what would serve as the backdrop to the story in the book “What the F@&K...”. From that experience, one of the key takeaways was that if you ask the same question of 10 or 15 people, the average answer is pretty close to the truth. As a result, you didn’t actually need first hand knowledge of a...

An article in Bloomberg yesterday caught my eye about the final resting place for wind turbine blades.  I want to be clear on my position on energy supply.  ALL forms of energy are required and ALL forms of energy have pitfalls. That is the nature of our existence and the cycle of life. Fragments of wind turbine blades await burial at the Casper Regional Landfill in Wyoming. Photographer: Benjamin Rasmussen for Bloomberg Green We have hunted animals to extinction, cut down...

I keep thinking that I can make sense of the market.  Like, if you are smart and pay attention and build models, the world would make sense.  So I build macro supply models, including Saudi Arabia’s social requirements and major field productivity; U.S performance per well by basin; and global demand models with and without coronavirus (and seriously, why are we still freaking out... it’s a non event). And then to add complexity and rigor (because I’m bored) I model free cash...