THIS MONTH’S ISSUE
A Late 2025 Buying Opportunity for Energy
Saudi Crown Prince Mohammed bin Salman was at the White House this week. And it’s a safe bet the subject of oil prices came up. A decade ago, the Saudis turned on the taps to flush out US shale. The sector then was at the end of a multi-year investment boom. And awash in debt and over-capacity, it was already ripe for a reckoning. Long-time Energy and Income Advisor readers will recall our forecast for North American benchmark oil prices to bottom out near $20 a barrel, down from $100 plus. And we pared back our Model Portfolio recommendations to the best of the best—companies up and down the energy value chain with the best chance of weathering the bust to come. Battening down the hatches then also meant cashing out of what were then massive winners for us like High Crush and Seadrill. And at one point it even meant selling Enterprise Products Partners (NYSE: EPD), a sure bet to survive the crash but selling at the time for an unsustainably high price. Enterprise still hasn’t made it back to the $40 plus it reached back then, when its yield dipped under 3 percent. High Crush and Seadrill no...
Live Chat
with Elliott Gue and Roger ConradOn 11/25/2025
Top Takeaways from Q3 Results and What They Portend
Q3 results and guidance updates are all in for EIA Model Portfolio and High Yield Energy List companies. And the same is true for all but a half dozen companies in our EIA coverage universes. So it’s time to draw some conclusions from what we saw in the news and numbers, as well as management comments. Here are our top takeaways and what they portend for the rest of this year and beyond. Q. What are your top takeaways for investors from the Q3 numbers and guidance updates? Roger Conrad (RC): I’m going to keep my comments here focused...
Genesis Energy Off
Endangered Dividends List companies are vulnerable for one or more of the following reasons: Cash flow coverage of distributions is inadequate. Elevated debt levels with imminent refinancing needs. Revenue pressure triggered by weakness for at least one key asset. Inability to access the equity market on favorable terms to fund capital spending, forcing management to utilize more internally generated cash flow. Exposure to volatility in commodity margins from either rising or falling prices of raw materials. Aggressive general partners anxious to buy in limited partners’ cash flows at discounted prices. Regulatory reversals. Expiring contracts with little hope for renewals at...
What’s Important in Q3 Results and Guidance
Here are the highlights from Q3 results and guidance for our EIA Model Portfolio and High Yield Energy List recommendations. SLB’s (NYSE: SLB) results were highlighted in the October issue’s “Portfolio Strategy”. Earnings for our natural gas E&P companies--EQT Corp (NYSE: EQT), Expand Energy (NYSE: EXE) and Ovintiv Inc (NYSE: OVV)—are explored at length in our November 13 update “The Year of Natural Gas: Commodity Price Outlook and Our Thoughts on the Natural Gas E&Ps.” We’ve updated “Payout Ratios” and “Debt to Capital Ratios” with Q3 earnings information for our three coverage universes—“Exploration & Production and Services,” “Canada and Australia”...
Meet Our Editors
Elliott H. Gue
Founder and Chief Analyst
Since earning his bachelor’s and master’s degrees from the University of London, Elliott has dedicated himself to learning the ins and outs of this dynamic sector, scouring trade magazines, attending industry conferences, touring facilities and meeting with management teams.
Roger S. Conrad
Founder and Chief Analyst
Roger S. Conrad has successfully advised income investors since the 1980s, with a nationally acclaimed sector specialty in utilities, telecommunications and energy. He’s a managing partner of Capitalist Times author of Power Hungry, independent director of NYSE-listed Miller Howard High Income Equity Fund and contributing editor to Forbes.com.
