AMLP

Alerian MLP ETF

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$4.73 +13.98%
Weekly Review
Some nice gains over the past few days after a rough start to the week.

Income Portfolio: Opened new positions in $AMLP and $TSN . Increased holdings in $ARCC $OZK $AFG $DKS $HRL and $LCII . Collected dividends on $INTC $KR $CMI $RDN $RS $JNJ $PCAR and $TSCO .

Growth Portfolio: Increased holdings in $ENPH and took partial profits on $PINS leaving a small holding remaining

Speculative: Nil
Conor's avatar
$20.5m follower assets
My $DOCS trades
I added $100 to $DOCS. Follow me if you would like to see how @brianstoffel and @brianferoldi are doing on their Commonstock portfolio!

In my personal account I added or started new positions:

Taxable account

Added to $VOO
Started $CANO
Started $TMHC
Started $SEMR
Started $WBA
Started $CWBHF
Started $AMLP

ROTH IRA

Added to $AVUV
Added to $QQQM
Added to $VNQ

Pretty busy Monday for me!
Lending Constraints in Hydrocarbons $XLE $AMLP $ET
"ING has worked hard over the years to build a power generation lending book that’s 60% renewables, outperforming by far the most ambitious climate goal of the Paris Agreement. Today we go a step further and announce that we aim to grow new financing of renewable energy by 50% by year-end 2025 and will no longer provide dedicated finance to new oil & gas fields. We’ll continue

to support that, while increasing investments in renewables and gradually reducing funding to upstream oil & gas by 12% by 2025 and 19% by 2030. This puts us on track for minus 53% by 2040, in line with the IEA’s net-zero by 2050 roadmap." - ING Bank

If the hydrocarbon industry is constrained on the lending side, incremental volume is likely going to come from dominant incumbent players.

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Since many midstream companies are looking to provide pipeline services for biofuels, hydrogen, and other greener fuels, I do see more funding coming their way. $KMI is notable for diversifying into those alternative fuels.
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Midstream CAPEX | $ET
Oil exploration and development capex has been low and has remained below levels we used to see during similar boom cycles in hydrocarbons.

The picture is no different in midstream where total industry CAPEX in NA is at 2011 levels with the dominant players in the space accounting for a large portion of it.

I will publish a write-up on Energy Transfer at the end of next week, so be sure to subscribe on my Substack. $AMLP
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Margin of Safety in Hydrocarbons
Factors Putting A Floor In Hydrocarbons
  1. Global Energy Demand
  2. WTI Crude Oil Curve
  3. Financing Standards
  4. Emission Scenarios - Demand Divergence
  5. Lack of Demand Destruction
  6. Demand (In)Elasticity

Midstream & Deepwater Drilling
  1. Energy Transfer ($ET)
  2. Transocean ($RIG)

This post was published on March 26, 2022. Appreciate your sign ups on Substack (the newsletter is free and aims to optimize for time spent and knowledge acquired when reading Andermatt's research.)
Oil & Gas | A Boom & Bust Industry In Transformation
In this post, I explored George Soros’ reflexivity framework and explained how it applies to the oil & gas industry. Why there is potential for upside excess and ways to think about asymmetric outcomes.

This post was originally published on March 10, 2022 and I couldn't be more thrilled to share it here on Commonstock!

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