Extraction has emerged from BK, and as 2021 made 2020 disappear, the refreshed capital structure, management and board make the company totally different!! OK, that’s a lie, but I tried to say something nice. If we are honest (and we are because that’s what we do), the only difference is the creditors are now the equity and the old equity is wiped out. Like WLL and CHK before them, the creditors found that the assets, and the market for selling...

If you aren’t following Mark Rossano, you are missing out on a huge amount of data (which, when used correctly becomes knowledge). Whether it’s the economy, energy or commodities and the EIA data, Mark breaks it down every week better than anyone. In partnership with PrimaryVision, we are launching a pregame show to tee up the topics of the week. This is the first one, and we will get to under 15 minutes by the end of our experiment. Let...

Wald Wednesday Why Elon Musk Can’t Save Free Speech But Canada Could By Ellen Wald Over the past week and a half we have not only witnessed the “banning” of numerous individuals from social media platforms, but also the deplatforming of entire businesses via the refusal of service from their vendors. These vendors—including Amazon, Apple and Google—had provided hardware, software and marketplaces to the businesses now struggling to survive. After initial surprise and outrage, I started to see many calls (especially on...

“The magnitude of shareholder value destruction at Ovintiv demands a sense of urgency we have yet to witness from the Board and management team. Kimmeridge is prepared to help drive the change the company desperately needs by nominating directors to the Ovintiv Board at the upcoming annual meeting.” – Mark Viviano, Managing Partner and Head of Public Equities at Kimmeridge As we know with the #hottakeoftheday, anyone can start a website and send a letter to management, but Kimmeridge does it...

I had a dream last night. I was in San Diego working with a design team on a flying car that we were pitching to Elon Musk later that day. We flew it down the street to his office, and went in to pitch it. He loved it. Thought it was the greatest thing ever and was immediately on board. “One more thing....” we said. “We used to be in oil and gas for careers; that’s why we can...

On this episode of the podcast, we welcome Chuck Yates. Chuck and I met a few months ago, first via phone and then over a great Houston lunch. I like Chuck a lot. He is thoughtful, insightful, caring and has a unique flair which he brings to everything he does (and wears). The first time I heard of him was because of the charity roast he spearheaded and I heard about “this PE guy getting a tattoo on his...

This weekend, we add a segment we’re calling “The Counter Point” for newsletter subscribers only. Fresh off the LinkedIn ban, and still without great insight into the murky algorithm and the “cancel/silence-culture” things that got me suspended in the first place, we are transitioning some of the more lively content to subscribers only, of which you are one (and thank you for that). The articles in the newsletter include additional details, thoughts and a slightly more BH vs. PG content...

The incredible rally in 2021 continues. Jim Cramer said this morning: “The market has not priced it in. Not at all... I think that the animal spirits of people will override even what we see in the stock market.” Wayfair stock is up almost 40% in 8 days. The Russell index of small caps is up 10% during that same time. Tesla is recalling 160,000 cars, 10% of the total cars they have ever produced and their stock is UP...

“Can the President ban frac’ing?" It’s a question I hear a lot. And while it’s neither legal nor investment advice, we welcome Bresee Carlson of Kuiper Law Firm back on the podcast to talk federal issues, and life under a democratic sweep. Data is cool. We are apolitical. #hottakeoftheday podcast Episode 97 w/Bresee Carlson https://youtu.be/O9vK8u4oFQI   Podcast Audio   About our Sponsor: Magnum Cementing Services Magnum Cementing Services is an established well cementing service company with a broad operational footprint in North America. Magnum is well-positioned to...

Can you imagine if you got a do-over? Close your eyes and imagine it's January 2020 (you’ll have to open them again now to keep reading so I can set the stage). Oil is $53 (having moved significantly since January 1) because coronavirus cases are surging, leading to some lockdowns and demand concerns in other parts of the world and people are contemplating the supply-demand imbalance. The economy is showing cracks, though few want to talk about it, because of lax monetary...