A year ago, when I found a nice little spot on my river to take a break, the world looked a lot different than it does today.  If I'm honest (and I feel that's where we are in our relationship), each October going back to 2011 has been one where I would make predictions for the coming year and by April, everything had gone to absolute sh*t.  I only recognize this in hindsight. But last summer, I was on a...

October is always a great month for oil and gas discussion, and today is no different as a torrent of earnings came out in the last 24 hours for Q3.  Some highlights: Exxon confirmed their dividend, which I'll admit was surprising. CNX released their earnings with absolutely 0 management comments, which is weird in the least and suspicious in the most (so much for subtlety). Oil hit my year end target of $35/bbl (Mark Rossano and I talk about...

Unquestionably, I hear a lot of “the industry has to do better educating people about what we do”. Step 1 of that process is to educate yourself on the data and the issues. Lots of resources to do it but one of the ones I had never heard of before but am really glad I did is the Southern Gas Association who helps educate by linking people and ideas. I had the pleasure of chatting with Suzanne Ogle about the...

Among the many things I have been working on, subtly is high on my list (sic. it has been pointed out I spelled the key phrase in this sentence incorrectly which simply underscores the fact I'm not likely to make progress on this... ever).  But, like my drinking, my dad bod, and my level of empathy for stupid people... we haven't really made a lot of progress in 2020.  But seriously, I do realize that if I want to...

Deep in the SEC rules on oil and gas company reporting requirements and standards is the section that talks about disclosing "the standardized measure of oil and gas" (aka SMOG).  It's a simple, if not more controversial topic than I ever would have expected, but it's important when it comes to relative valuation and the ability for investors to assess the merits of the announced and soon to be announced deals. Those who push back on my "simple approach"...

Finally!  We are now progressing nicely in the consolidation phase of oil and gas companies and, although many are 18 months late, it's not insignificant that they are occurring now.  2021 budgets are almost complete and I can only imagine the faces of the management teams when the VP of Planning gave them the news.  Here's how it likely went: Planning:  "Ummmm..... we've finished all the scenarios and forecasting and forced ranking and management wedge creation.... do you, ummm, want...

Clay Gaspar, President and COO of WPX Energy, is a busy man these days. WPX took down Felix to high grade and expand their Delaware position and 6 months after closing, are merging with Devon to build scale and leverage synergies. We talk Anadarko-Kerr McGee from 2006 when we were both there, completion design, technology, facilities and the future of hedging, synergies and oil and gas. A lot of great nuggets. Have a listen. #hottakeoftheday Episode 77 w/ Clay Gaspar, WPX https://youtu.be/Qe62uDuZO4E   Podcast Audio   Sponsored...

I wanted the Netflix documentary "Hank" last night.  It was a great reminder of the state of things in 2008, and viewed with the perspective of COVID, bailouts, politicians and stimulus, was eerily familiar  I recommend you watch it if you find yourself home with nothing to do some time this weekend.  One of the key moments in the film was when Hank Paulson called the CEO's of the big banks together and basically said "You guys need to...

In the category of things no one wants to talk about... taxes are right up there.  But, make no mistake, taxes are going much higher because of all the fiscal stimulus that has been and continues to be pumped into the economy.  Credit cards are fun, until you get the bill and if you want to know what debt does, ask any oil and gas company how their "supercharged balance sheet" is doing through the downturn.  Here are a...

2 years ago, I started posting on LinkedIn in what would become the #hottakeoftheday. The reason was simple. I had written "What the F@&K is Wrong with Everybody Else? (What They Didn't Teach You in Business School)"  in 2012 and 2013 and, with the closing of the final part of the sale of OneEnergy closing on October 31, 2018, I thought it was time to publish it.  As those who have read it knows, the book only covers from...