Simon Lack | TalkMarkets | Page 2
Managing Partner, SL Advisors, LLC
Contributor's Links: SL Advisors, LLC
Following 23 years with JPMorgan, in 2009 Simon Lack founded SL Advisors, LLC, an SEC Registered Investment Adviser. SL Advisors manages investments in energy infrastructure, including the Catalyst MLP & Infrastructure Fund (MLXIX), the American Energy Independence Fund (USAI), and separately ...more

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Carbon Capture Gaining Traction
Carbon Capture and Sequestration faces daunting Math. JPM provided the sobering CCS math that sequestering just 15% of the US’s annual CO2 output would involving the same volume as all the oil moving through our distribution and refining system.
Will We Use More Hydrogen?
Investors often ask what are the prospects for hydrogen as an energy source. In spite of Jeff Sommer’s conclusion that the market doesn’t think much about the future (see Priced For A Pragmatic Energy Transition) we think about it all the time.
Priced For A Pragmatic Energy Transition
The other day a NYTimes columnist contrasted the relative outperformance of oil stocks with plunging solar and wind. He concluded that the stock market is oblivious to the threat of climate change.
Pipeline Earnings Make Travel A Pleasure
Targa Resources provided one of several bright spots among pipeline earnings last week with a 50% increase in their dividend planned for next year. Their cashflows are increasing strongly.
Hedging With Energy
It’s always interesting to learn how financial advisers use our energy infrastructure investments in their portfolios. Often, it’s for income, because the 6-7% yields are well covered by cash flow.
Book Review — Going Infinite: The Rise And Fall Of A New Tycoon
Early in his career SBF worked at Jane Street, a Wall Street market maker where trainees routinely bet on obscure outcomes (how many dice are in my pocket) so as to demonstrate mental acuity and probabilistic risk assessment to the senior traders.
Exxon Buys More Of What The World Wants
Last week the Energy Information Administration released their 2023 International Energy Outlook. It came out on Wednesday, the same day that Exxon Mobil confirmed their acquisition of Pioneer Natural Resources.
Terrorists Create Geopolitical Risk
Last week an investor asked how the pipeline sector might respond to geopolitical risk. Conflict in any of the world’s trouble spots is bad for most sectors. But energy is different, because the specter of supply disruption draws in buyers.
Fiscal Policy Moves Center Stage
Bond yields have been rising, but inflation expectations are not. The increase in real yields has prompted articles suggesting that the market’s reckoning with our dire fiscal outlook is finally at hand.
Just In Time Oil
Changes in US oil inventories sometimes cause a sharp move in the price of crude. The most recent weekly data showed our inventories are the lowest in almost forty years.
The Super Cycle Or Peak Oil?
JPMorgan’s chart depicting a widening supply deficit over the next several years causes me little angst. Having endured low oil prices, I find high prices wholly more agreeable.
Crude Climbs The Wall Of Supply Worries
Crude oil has rallied recently, in a much delayed reaction to numerous analyst forecasts that have been bullish all year.
The Growing LNG Trade
Nearly three years ago, French utility company Engie pulled out of negotiations with NextDecade to buy Liquefied Natural Gas. Concerns about methane leaks during the production of natural gas were the reason.
The Sunshine State Runs On Natural Gas
If you google “Florida solar” or “Florida natural gas”, both searches return around 150 million results. NextEra Energy, which owns Florida Power and Light, the utility that covers much of the state, is targeting zero emissions by 2045.
Fewer MLPs And American Exceptionalism
The diminishing number of MLPs has started to draw attention from sell-side analysts. Morgan Stanley’s Robert Kad wrote in his Midstream Weekly that consolidation was likely to, impact active manager mandates that have been dedicated to the sector.
An Uncontroversial MLP Merger
Energy Transfer’s acquisition of Crestwood highlights the shortcomings of the proposed merger of Oneok with Magellan Midstream. Because Energy Transfer and Crestwood are both MLPs, combining the two doesn’t constitute a taxable event for unitholders.
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