Morning Klipperty, Becks and Loudermilk

By Paul Sankey Published on January 26, 2024 at 8:32 AM

Mark Viviano of Kimmeridge private equity is always impressive. He was on our Happy Hour last evening, to a good crowd of investors. In 2020 Viviano launched a first fund for Kimmeridge, as a “public activist” model. That fund has now returned money to investors, which triggers Viviano’s return. OVV and Oasis were two high profile investments there. Oasis merged with Whiting to form Bakken play Chord Energy. OVV awaits a strategic move, in the…

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Permian Resources ($PR): Love Letter to Midland

By Paul Sankey Published on January 16, 2024 at 4:48 PM

The hottest company in the Permian right now, and our TOP PICK for 2023 in US Exploration and Production (E&P), is barely known on Wall Street, nay, barely known outside their home city of Midland, West Texas. PERMIAN RESOURCES ($PR) is a $10B market capitalization, $14B enterprise value (EV) company producing some 300 thousand barrels of oil equivalent per day (kboe/d) of which just under half is oil. Management has an excellent reputation among those…

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Chesapeake, SWN, and Aubrey’s legacy

By Paul Sankey Published on January 11, 2024 at 10:52 AM

And so it comes to pass. CHK and SWN tie up. The legendary name of Chesapeake (CHK) will be retired, which is a shame. Especially when these branding companies seem to think mostly in healthcare with “Ovintiv” and “Civitas”, although “Andeavor” replacing Tesoro was merciful. We continue to argue that Marathon Oil should re-brand as “Emaro”, having both a Marathon Petroleum and a Marathon Oil in the market has always been absolutely nonsensical. The point…

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