I admit it - I was an energy bust denier. I thought dropping crude would buoy other sectors of the market like midstream and downstream. While that idea isn't totally false, I didn't appreciate the impact of downturns in that first part of the hydrocarbon value stream.
While I was at the NAPE expo last week I heard a myriad thoughts on the market. People are selling because asset prices are depressed. Sometimes we in the industry get caught up in thinking about how complicated the operations of it all are and we forget that the money in the business is largely "real estate" and proved reserves. And in reality, there are few companies who really operate assets for the long term. So with that, here are the three types of themes I observed:Read More