Our first two written posts of 2024 focused on the Big Themes (https://arjunmurti.substack.com/p/big...) and Tactical Questions (https://arjunmurti.substack.com/p/ten...) we see for the traditional energy sector. In this video we bring those together with an expanded discussion on a number of sub-sectors including the international oil companies (IOCs) & Canadian “Big-4” oils, US “Big-3” downstream, US/Canada midstream (includes pipelines and MLPs), and gassy E&Ps. Traditional energy exhibits a massive and diverse set of opportunities and one of our 2024 aims is to provide our perspectives on where differentiated opportunities exist.

The world has now recovered from the deep COVID trough. The recovery trade in traditional energy ended in 2022. Balance sheets are fixed and profitability structurally improved (versus last decade). The challenge now for individual companies across the various sub-sectors is to articulate and demonstrate a differentiated approach to meeting the world’s massive unmet energy needs through a strategy that is both profitable and durable, or, recognizes a lack of durability by liquidating, selling, or otherwise distributing essentially all cash back to investors.

As always, we appreciate and look forward to your comments, critiques, and, if you wish, praise.

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DISCLAIMER
My views are my own and not attributable to any current or past affiliation.

CREDITS
Intro & Outro music: Wolf Hoffman on Apple Music: Concerto for 2 Cellos in G Minor, Rv 531: I. Allegro Moderato.

This episode of Super-Spiked Videopods was edited and produced by Veriten Productions.