Cost of Equity Capital

When the former CFO of $SWN and current SVP of “Government and Regulatory Affairs” likes your tweet about Oil and Gas execs being overpaid

Look at this playboy

@TomLoughrey_LFE Thanks player.

@CostEquity That’s all you got?

My best Energy mgmt team story. At Capital Grille for a roundtable dinner with an E&P team including CEO. An hour into the dinner, some dorky looking 30 something who hadn’t said a word the entire time called the waiter over and said “can I get a Johnnie Walker black double neat”

Alcohol and coffee is a weird combo. I take the shits of a lifetime when I combine. Still feeling it.

If you have any pictures of your butt you’d like to send, I wouldn’t be opposed.

@MLPguy @mr_skilling On the flip side, private midstream is very willing to take meetings, but everyone wants to meet with them so it’s hard to get in sometimes

@CostEquity @mr_skilling There’s never a reason given, but it’s now been several conferences and NDRs...can’t think of another reason...AUM is small in midstream side, but this company could definitely be owned in our infra strategy where we have scale now

No matter how great their assets or how big their change of control premium is, I'm not a fan of Mgmt teams who deny meeting requests bc they (1) think I've been negative about them on Twitter or (2) think I'm @mr_skilling who actually has said pretty mean things about them...

A couple years ago I was at a dinner with 3 people and the management of a mid size public E&P. CEO asked why we thought the stock wasn’t going higher and what they could do to change that. Literally not one of the 3 of us responded.

@EthanHBellamy @MLPguy @mr_skilling I’ll admit, I’m guilty of this too. But personally, I’m an unconstrained investor, so I’m not too interested in providing input to recommend changes. I just go with what I see.

@MLPguy I got the caddy shack reference, but I thought the IR job line may have been added in haha 😂

@CostEquity Lol, no that’s a joke from Caddyshack line, but I think IR pull keeps many meetings more civil than they otherwise would be

@Henry_M_Hoffman @EthanHBellamy @MLPguy @mr_skilling 100% agree with the first line. Even buyside across non-dedicated energy strategies won’t ask much. Maybe they know the answer, but it feels like wasted meetings half the time

@EthanHBellamy @MLPguy @mr_skilling Sell-side & buy-side is just as bad. You never hear analysts asking about the re-contracting assumptions underwriting projects when initial terms roll off. And, if you happen to be in a meeting with me, you know that when asked management teams have no idea.

@Henry_M_Hoffman @MLPguy @EthanHBellamy @mr_skilling I’ve found in energy, very very few people really challenge them both in a public or private forum. Even buyside has been very cautious.

@MLPguy @EthanHBellamy @mr_skilling I give Plains credit here. A few years ago they were pretty testy but over time increasing engaged despite pretty harsh criticism from me publicly and privately.

@MLPguy Omg is this an actual line from them?

“I guess you don’t want that [IR job]?” “I guess I don’t...”

What irritates me more? PE NAV‘s or dumbass financial advisors 🤔

I can’t think of anything that fucked up my 20’s more than @CFAinstitute and @CFAInstituteCEO. I got paid not by learning about Ethics, but quite frankly the exact opposite. How much more ass I could have gotten instead.

Would I rather get the plague or be a @CFAinstitute charterholder? I only have one and the plague would be better than the CFA experience

Like a sick bastard, I’m getting tempted by that 19% $ET yield

.@FerroTV you’re a “TV Actor”. You playing chess while we playing checkers.

What did you top out in for annual career earnings?

My severance package is 2 weeks of health insurance and all the porn downloaded onto my work computer.