MRC Global: A Play on Oil & Gas Recovery

MRC Global is the largest distributor of pipes, valves, fittings, and related products and services to the energy industry.  The company was founded in 1921 as McJunkin Supply Company and grew organically and through acquisitions over the years.  In January

Contango Oil & Gas Company: Recent Developments

This article presents an update to our in-depth profile of Contango published in September. The company’s stock price has remained under significant pressure due to a number of company specific factors that we discuss in this update.

Pitfalls in Oil & Gas Accounting

One of the most important task investors face involves identifying distortions in a company’s financial statements which may obscure actual economic performance or distort comparisons with other firms in the same industry. In this article we take a look at some potential pitfalls in accounting for oil and gas companies

Natural Gas Remains Depressed With No End in Sight

Natural gas has remained cheap relative to crude oil for much longer than expected. In this article, we discuss the ongoing depression in the price of natural gas and the implications for industrial users and investors.

Implications of Cheap Natural Gas on Public Policy and Investing

Investors like to examine pricing anomalies, particularly related to commodities that could be viewed as substitutes but trade at radically different prices. One barrel of crude oil has approximately six times the energy content of one thousand cubic feet (mcf) of natural gas. One mcf of natural gas is approximately equivalent to one million BTUs (MBTU). Despite the energy equivalence, for a variety of reasons, the pricing relationship between oil and natural gas is almost never exactly six to one. Read this article for our analysis.

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