Morning BP, Tell, Plug, Talos and Share Counts

This week we had two share issuances in energy, one that we HATED and one that we liked. The hated was Plug Power, the hydrogen play. The liked was Talos, the deepwater Gulf of Mexico (GoM) exploration and production (E&P) play. One of these companies has a positive future, as we outline in this note. If you want to satisfy environmentalists AND Wall St, then undertake orderly liquidation. Issuing shares is the opposite of this. …

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