At some point, I decided to specialize in petroleum and natural resource investing, mainly because I felt that the broader market was too broad. How could I become a good investor when the maximum amount of time I could devote would only allow me to scratch the surface of the companies I was investing in? But as I was to learn, even something as specific as upstream oil and gas goes went almost too wide and deep. I digress…
The following information is meant to provide a supplementary overview of resources that I use to conduct research. Note, I omit any that have already been listed in my Energy Blog and Energy News Feeds — I recommend that interested readers peruse these as well. Also, I encourage inquisitive readers who are interested in building a foundational understanding of the oil and gas business to visit this site’s “Fundamentals” section for frequently updated industry primers.
Without further ado…
- Seeking Alpha
There are tremendous energy investment resources consolidated under Seeking Alpha (SA). For several months now, SA Editor Michelle Carini, has published a weekly energy roll-up with links to SA articles and external sources of significance. Seeking Alpha also allows members to sign up for a daily energy investing newsletter — which often contains enough information for an entire day and which comes at no extra cost. But most important are the contributors. These are just a few “must follows” for energy, natural resources, and oil & gas: Elephant Analytics; The Investment Doctor; Long Player; Michael Fitzsimmons; Tristan R. Brown; Jennifer Warren; HFI; Danielle Sandusky; Callum Turcan; Raw Energy; Williams Equity Research; Force Majeure; Michael Filloon; Value Digger; Richard Zeits; and, Oil and Gas Investments Bulletin.
- Motley Fool
Almost every Thursday, Motley Fool’s Industry Focus Podcast hosts an energy and material goods edition featuring regular co-hosts such as Sean O’Reilly (TMFBuckeye), Taylor Muckerman (TMFrunAMuck), Tyler Crowe (TMFDirtyBird), and others. I almost never skip an episode.
- Twitter Personalities and Hashtags
Actually, Twitter can be quite useful –professionally speaking — if you know which hashtags and profiles are of interest. Notably, the Organization of Oil Trading Tweeters (#OOTT) has spawned an incredibly active and diverse community of oil enthusiasts. OOTT Founders Sam Madani (@) and Lisa Ward (@) have also founded TankerTrackers.com (@).
Podcasts are immensely time-efficient means by which to stay educated during commutes. In 2017, EKT Interactive has made a heroic effort to keep their podcast content fresh and unique — I’ve learned a lot from its guests. Oil and Gas This Week, featuring Mark Lacour and Jake Courley (what happened to Jame Hahn II?), is a relatively recent venture but has been widely accepted as the most popular podcast of its type. Vox Markets with Justin Waite is a Euro-centric podcast aimed at delivering executive level interviews and technical analysis to resource and financially oriented investors. VOX Markets is quickly becoming one of my favorite things.
- The Mainstream Media
Even the mainstream media deserves credit where credit is due. The CEO interviews on Jim Cramer’s Mad Money on CNBC are an immensely valuable and unique source of information. CNBC regular Dennis Gartman (of The Gartman Letter) possesses a thorough understanding of the market dynamics which drive crude oil prices. I will say this, though: the mainstream media is deeply pernicious and begrudging. Guest who are not overly charismatic or well-connected are often only as good as their last idea.
Also, see below for useful data sources and references:
- BP’s Department of Petroleum Economics
- Energy Information Agency (EIA)
- International Energy Agency (IAE)
- Organization of Petroleum Producing Countries (OPEC)
- Joint Oil Data Initiative (JODI)
- Exxon Mobil 40 Year Energy Outlook
- Haynes and Boone Oil Patch Surveys
Commodity Prices (Historical)
- Netherland, Sewell & Associates, Inc. (NSAI) Pricing – NSAI provides monthly and end-of-month pricing for major petroleum resources which can be useful to validate petroleum reserve estimates and standardized measures of cash flows constructed according to joint SPE, FASB, and SEC specifications.
- Key Commodity Prices & Differentials – Valero maintains this updated file on relevant commodity prices drivers for its operations. Data sources include ICE, NYMEX, CBOT, Argus, Platts, OPIS, and others. For investors who do not have access to the premium commodity data, this is probably the best source for a granular look at the drivers of transportation fuel and petrochemical prices.
- Argus and Platts – According to the Trafigura report, Commodities Demystified, “In the main, the market relies on prices published by two Price Reporting Agencies. Platts and Argus are private companies that perform a vital public role. They report daily on a vast array of markets trading different physical commodities as well as some specially tailored derivative contracts.” Both are premium paid services.
- Ecoengineers – Provides frequent updates on Renewable Identification Number (RIN) prices, which are essential to understanding the hidden subsidies which many farmers receive and to the drivers of consumer fuel costs.
Commodity Prices (Forecasts)
- US Fuel Standards
- Renewable Fuel Standard 2
- US Petroleum Extraction
- Society of Petroleum Engineers (SPE) – Petroleum Resources Management System 2007
- Financial Accounting Standards Board (FASB) – Extractive Activities—Oil and Gas (Topic 932): Oil and Gas Reserve Estimation and Disclosures. January 2010.
- Financial Accounting Standards Board (FASB) – Accounting for Extractive Activities–Oil & Gas: Amendments to Paragraph 932-10-S99-1. April 2010.[/ref], and SEC[ref]SEC. 17 CFR Parts 210, 211, 229, and 249 [Release Nos. 33-8995; 34-59192; FR-78; File No. S7-15-08]: Modernization of Oil and Gas Reporting. January 2010.
- Securities Exchange Commission (SEC) – Electronic Code of Federal Regulations. Regulation S-K [17 CFR Part 229] >> Subpart 229.1200—Disclosure by Registrants Engaged in Oil and Gas Producing Activities
- Securities Exchange Commission (SEC) – Electronic Code of Federal Regulations. Regulation S-X [17 CFR Part 210] >> §210.4-10 Financial accounting and reporting for oil and gas producing activities pursuant to the Federal securities laws and the Energy Policy and Conservation Act of 1975.
- Canada Petroleum Extraction
Oil and Gas
- Baker Hughes Rig Counts
- BOE Report – Low or no cost access to multiple databases.
- M&A Database (US and Canada) – especially relevant for computing “comps”.
- Evaluate Energy Evaluate Energy’s assets database
- Wood Mackenzie North American Assets
- RigZone Data Services – Rig counts, day-rates, etc…
- Societty of Petrolem Evaluation Engineers (SPEE)
- Surveys – survey of assumption commonly used to evaluate upstream assets
- Drilling Info
- Independent Petroleum Association of America (IPAA) Economic Analyses
These are just a few… more to come…
If you feel that I’ve neglected an essential resource, or have somehow misfairly rated any of the aforesaid, please reach out with your feedback…