(A Top Pick Dec 19/19, Down 52%) It continues to offer meaningful leverage for rising oil prices. They hedged off 50% of their oil exposure next year. He does not own this for this reason.

(A Top Pick Dec 19/19, Down 44%) They are deleveraging and have pulled off some asset dispositions. They are doing everything the market has asked them for. It is under pressure because you need market scale to attract investors. We need to see further consolidation. You need 19-20% free cash flow yield at $60 oil.

(A Top Pick Dec 19/19, Up 17%) This is one you can still own in the natural gas space. They will continue to consolidate. There might be some paper coming to the market. There has been some rotation out of natural gas with a warmer winter and it has put pressure on the share price.

The deal with Torc is positive. The stock price was re-rated and it has gone up. They have first mover advantage and have an edge in the space. 13% free cashflow yield at $50, 25% at $60. A good name to own in the small-mid-cap range. They are a net-zero emitter with their carbon injection technology. (Analysts’ price target is $5.41)

We have been going through a unique time when the small cap players outperform the large caps. You can own large caps with the likelihood of upside fairly large. At $50 oil, they are trading at a 16% free cashflow yield and 23% at $60. (Analysts’ price target is $33.77)