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COMMENT
Market Outlook They were the number 1 Energy Fund in the world according to Morningstar last year. Energy stocks are down 15% this month on the coronavirus fear. Supply of oil is falling faster than loss in demand due to China's reduced consumption, he believes. The second half of the year will begin a multi-year bull run for oil. OPEC is providing cover to move to another supply cut this year he says. Supply growth in the US is dropping sharply and he might expect to see a net decline in production there next year. This will be the first year in the last five years, where US supply growth will be less than total global demand growth -- this means barrels outside of the US will be in demand. A supply crunch is coming in the upcoming years he concludes.
Unknown
DON'T BUY
A natural gas producer with a growing liquids portfolio. It is simply too small for investors and their debt at 5 times cash flow is just not competitive. He would not own this one.
oil / gas
DON'T BUY
They are the poster child for the woes of the AECo market. They have debt to cash flow of 4 times. They are maintaining production. We are over 70% through winter and we have seen demand down 14% in North America this season. The outlook is bleak. Natural gas stocks are a play on weather and he does not see any prospects in this space at this time. He is looking towards Canadian oil plays instead.
oil / gas
COMMENT
Free Cash Flows Several companies are posting great free cash flow -- up to 40% of market cap. Once we get past the Corona virus scare, global demand will grow again. We will see WTI go back to $60/bbl. Valuations will rise sharply. You don't have to be a believer in wild oil price increases.
Unknown
COMMENT

TOG vs ARX vs WCP? He favours TOG and WCP over ARX presently. TOG has a 7.7% yield and trades only at 6% above the blow down value of their existing wells and has a strong balance sheet.

oil / gas
COMMENT

TOG vs ARX vs WCP? He favours TOG and WCP over ARX presently. TOG has a 7.7% yield and trades only at 6% above the blow down value of their existing wells and has a strong balance sheet.

oil / gas
COMMENT

TOG vs ARX vs WCP? He favours TOG and WCP over ARX presently. TOG has a 7.7% yield and trades only at 6% above the blow down value of their existing wells and has a strong balance sheet.

Oil and Gas (Integrated Oils)