In this issue: There’s really no mystery as to why refining stocks have done so well. Combine a glut of cheap domestic crude with stagnant refining capacity at home and growing demand abroad for fuel exports, and you have a recipe for huge windfalls. We survey the industry and… Read More

In this issue:  Unwieldy empires can be very costly, as Chesapeake’s long-suffering shareholders are still learning. But the hiring of a young and well-regarded outsider as CEO and recent purchases by a top value investor give us the confidence to bet on a successful turnaround. In contrast, the… Read More

In this issue:  Despite the recent leveling-off of the production from the Bakken, the tight-oil formation’s long-term potential remains barely tapped, according to the government’s new geological survey. We examine the region’s most promising producers, all of which are already in our portfolios. Meanwhile, one of the… Read More

In this issue:  The global hunt for real yield rolls on unchecked, and as ever with promises of high and secure returns, mind your wallet. But while a double-digit yield implies serious risk of a double-digit loss in this low-yield environment, there are super-secure oil majors out there offering… Read More

In this issue:  Predictions of an oil bust have become all the rage, spurred by increasing production from newly exploited shale resources in Texas and North Dakota as well as the growing glut of US inventories. We examine the available evidence. We also check in on the… Read More

In this issue: It can be terrifying to buy stocks that have already enjoyed a huge run, and this week we address the issue head-on after a reader questioned recent portfolio selections. We’ll also discuss the hottest new US shale plays as well as several new technologies, some promising… Read More

In this issue: We’re completing the portfolio overhaul begun a month ago with three new buys to follow the three recommendations in the last issue. Headlining this week’s slate is Cabot Oil and Gas, a red-hot gas driller situated in the sweet spot of Pennsylvania’s booming Marcellus Shale. Oil… Read More

In this issueThis week, we’re introducing three new portfolio holdings with tremendous long-term potential in a world of growing energy demand and constrained supply. These picks, along with others coming soon, continue the portfolio overhaul launched this month with a clearout of underachievers.The three picks have… Read More

In this issueWe’re putting our own stamp on this portfolio by kicking out 16 holdover holdings that no longer meet our investment critieria. Below, we explain our reasons and philosophy, drawing lessons about risk tolerance and the importance of having the discipline to sell. Chief Investment Strategist Robert… Read More

In This IssueFor years now, producers of crude oil from the burgeoning shale fields in the North American interior have been forced to sell it to refiners at a hefty discount. But Chief Investment Officer Robert Rapier expects that discount to shrink as pipelines and export terminals are… Read More