It turns out that some people are just better than others. Better looking, more athletic, more charming, a better leader, smarter. It’s no fault of the person, it’s the fault of their parents who didn’t do a very good job of mating. In the nature versus nurture context, there are levers that can be pulled. Work ethic. Access to health care, education, role models, scholarships, internships, travel. But the key is that all these things have to be done while...

It’s sad that with all the other issues getting attention, our leaders aren’t talking about the ones that will last well beyond Covid. Today, I’m talking about K-12 education. There is a world of resources available at the touch of a button, with an infinite number of tracks kids can take to achieve their fullest potential. Are schools using them? If so, which ones? If not, why not? I am a huge supporter of public education but in March, when school...

What the heck is going on in Portland? New York was my favorite city in the world before 3/20. Is there any chance I will visit it in the next 10 years? To date, $6 trillion of stimulus was pumped into the economy which works out to roughly $46,000 per household in the U.S. Why did families only get $3,000? Why is the stock market at all time highs when people aren’t paying their rent, their mortgage, and we have a shadow...

Happy days are here again if you are a natural gas producer! They might not last very long, but you have to take advantage of the moment. This morning, AR, RRC and SWN all announced multi hundred million dollar placements for new debt, the proceeds of which will be used to pay off near term maturities. Reducing bankruptcy risk, even by shuffling deck chairs, is always smart. It’s been a volatile year and so, when the getting is good and the...

On March 8th, which feels like 3 years ago now, I wrote that one of the big winners from the collapse in OPEC+ would be natural gas.  Admittedly, I didn’t think it would mean that by August, gas weighted E&Ps would see their equity prices rise like they have, nor did I think natural gas would revert to $2.35/mcf as fast as it has. But, here we are and it’s worth taking stock as to why. Oil weighted rig counts...

Ever since getting on LinkedIn, I have advocated that having “seeking employment” in the header isn’t a good idea. I’ve also been advocating that connecting to someone only to send them a note 30 seconds later with a compelling business opportunity will have a very low hit rate. Most importantly, I’ve advocated that content, something that people read, think about, engage with or laugh at that is consistent with your brand and your image, is a good start. Doing...

I love Woodward! Maybe it’s because in 5 months, it is the most normal place I’ve been. I saw smiles, lots of them, because masks are a choice. I heard Bobbie Holliday sing the most unbelievable version of the anthem I’ve ever heard live, and no one kneeled. I went to a bar...with seats...and met an incredibly drunk, ex-Felon who’s Dad had the biggest meth lab in NW OK before being jailed; he became my friend and shook my hand at least 40...

I’m excited that for the first time since March 4, I am headed to a live conference for a speech. So much has changed over those 5 months. An oil shortage in the world due to declining U.S production has given way to demand destruction and a world swimming in inventory. “14 days to flatten the curve” has yielded to something entirely different - I now wear panties everyday which is both surprising and comfortable - I maintain of...

Another day, another deal. Maybe not the biggest or most impactful, but continually moving in the right direction as Southwestern acquires Montage in a 0 premium all stock deal, and not surprisingly, I like it. First, as advertised the deal will save $30 mm in G&A a year (Montage has $7.5 mm in Q2 so I'll let you do the math). Second, it allows Southwestern to do a 55 mm share offering that should raise $150 mm to pay off...

The best form of debt is when you can refinance, and this week we have seen a couple examples of it. Pioneer - one of the best balance sheets in the game - is offering $1.1 billion in 1.9% notes to use to pay off their 3.45% notes that come due in 2021. Concho is offering $500 million of notes at 2.4% and will redeem notes due in 2025 at 4.375%. And Antero, who we got to know well in the #technicaltuesday in...