Bison Insights

Oil down, stocks down, opportunity here?

Josh Young — Wed, 24 Jun 2026 23:26:55 GMT

I did a short live Q&A with Bison Insights subscribers, including a walkthrough of the recent “Five Compelling Oil Stocks” article.

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Check it out and let me know what you think!

*Disclaimer: I and funds…

Five Compelling Oil Stocks

Josh Young — Wed, 24 Jun 2026 13:01:07 GMT

I’ve been asked a lot recently about my thoughts on the recent oil price volatility and what I’m focused on here. With my commodity price short-term crystal ball broken, I’m focusing on the investment ideas that I think can do well in a lower oil price environment ($60+ WTI oil) and extremely well in a higher price environment ($80+ oil).

The first article in this series can be read here: Large Position Review: From Money Pit to Money Maker. You can see the upside potential and downside potential here in this net asset value sensitivity chart for this company:

The second article in this series can be read here: Large Position Review: Undervalued Oil Producer Buying Back Stock and Paying Off Debt. Similar to the above, here is the net asset value sensitivity chart for this company - note the huge upside at higher oil prices:

What makes these ideas unique is that they are smaller, overlooked, and misunderstood by the market. This is why they trade so cheaply and offer a potential asymmetric setup compared to the more “traditional,” larger oil and gas stocks.

In this article, I’ll quickly review the next three ideas that I will write about in this series over the coming weeks. These are the ideas that make up a large portion of the Bison Insights composite tracker, which has meaningfully outperformed the broader energy market since publication:

Disclaimer: This is for informational and educational purposes only. This is not an offer, solicitation, or investment recommendation. Please consult an advisor and do your own diligence. Past performance is not indicative of future results.

Oil Price Down, Guidance Up

Josh Young — Thu, 18 Jun 2026 18:15:43 GMT

WTI oil is down to $75, as Trump signed the MOU with Iran and posts repeatedly about lowering oil prices, and as tankers start to exit the Strait of Hormuz. I continue to think that Trump’s interventions in the oil market will backfire over time. They remind me of Nixon’s interventions, which led to a period of volatile but mostly much higher oil prices, under similar US oilfield maturation conditions. I wrote about this in January: bisoninsights.info/p/trump-calls-for-50-oil-after-venezuela

It’s worth noting that the conditions for a final deal announcement described in this article from late May have been met. This Trump / Iran deal is going forward (for now) and should be taken with seriousness - they say to take Trump seriously but not literally.

While oil prices have fallen this week, I don’t think the right-tail risk of higher oil prices from supply disruption is totally off the table yet, considering the large inventory draws and fragility around the “deal” that has reopened the Strait.

Against that backdrop, I recently published an in-depth update on one of my largest oil producer holdings. That company just released updated, improved guidance that warrants a brief update. I highlighted this company along with other oil stocks I have large positions in because I think it can do well in a lower price environment, and has substantial upside in a higher oil price environment:

This company is one of a set of ideas that I believe present me with the best combination of downside protection and upside potential, no matter the oil price environment. They represent a large portion of the Bison Insights composite tracker, which has been meaningfully outperforming oil stock ETFs like XOP and the broader market ETFs like SPY:

Oil Market Outlook: Three Expert Perspectives

Josh Young — Wed, 17 Jun 2026 20:30:53 GMT

Oil price volatility is extremely high right now and no one really knows what’s going to happen with the oil market in the short term. I’m bullish longer term for the reasons I’ve discussed before, including insufficient long term capital investment:

And declining US shale oil well productivity:

And shorter term, oil inventories that are already very low and continuing to decline rapidly:

Below, I share the key arguments from three commonly cited experts and weigh in with my own thoughts.

10x or Bust? 9.7x!

Josh Young — Tue, 16 Jun 2026 13:25:26 GMT

The initial concept for Bison Insights was to share stock and related securities ideas in the oil & gas space that had the potential to 10x, for informational and educational purposes. That scope as broadened, as I’ve shared a variety of ideas, some with ~10x potential upside, some with less potential upside but also less downside risk. Today I’m pleased to announce the “closing” of a position that has increased 9.7x since I first wrote about it in August - almost but not quite 10x!

Many people believed it wasn’t possible to find opportunities with potential ~10x upside after the post-COVID recovery in energy stocks, but this idea is exactly the kind of overlooked, asymmetric opportunity I launched Bison Insights to share, explain and discuss. Below, I’ll provide an update on the security and why I’m closing out the idea here. In short: Mission Accomplished!

Large Position Review: Undervalued Oil Producer Buying Back Stock and Paying Off Debt

Josh Young — Mon, 15 Jun 2026 22:07:34 GMT

This is the second article in a series covering my favorite oil stock ideas that are among my largest positions. These are the ideas I think can do well even if oil prices decline, while offering multi-bagger upside potential if oil prices go higher.

As an investor, I think that having this asymmetric potential is crucial for my large positions in this time of elevated uncertainty surrounding future oil prices. WTI oil has sold off sharply this morning after the U.S. and Iran agreed to an MOU that includes a reopening of the Strait of Hormuz.

The strong bearish narrative is that once the Strait of Hormuz reopens, shut-in barrels will quickly return and tip the oil market into surplus. On the other hand, traffic through the Strait remains heavily constrained and it’s unclear whether the MOU will actually be signed on Friday. Even if it is signed - or perhaps it was already signed, as some reports indicate, it is unclear how long it will take shipowners and insurers to feel comfortable transiting the Strait again considering the risk of mines, ongoing conflict in the region, and Iran’s idea of charging fees or service charges to transit the Strait. Meanwhile, inventories continue to draw quickly and are already very low:

These low, declining inventories may accelerate and exacerbate the cyclical bull market for oil, similar to the energy crises of the 1970s. My oil bull thesis has never been that the Strait of Hormuz would stay closed forever. My view is that insufficient exploration and delineation over the past ~12 years, alongside growing demand, have set up a cyclical increase in oil prices and drilling activity. That thesis has not changed, and the spending and drilling activity necessary to bring a new wave of global oil production has not yet arrived.

Still, short-term narratives can be very powerful, and can suppress prices. So in the face of this uncertainty and likely short-term volatility, I’m focusing on the ideas that I think offer the best combination of upside in both a lower and higher oil price environment.

For example, in this article, I’m discussing a company whose stock trades at a steep discount to reserve value in a lower oil price environment, with very high potential upside in a higher oil price environment:

This is a smaller company with legacy governance issues, which is likely why the market appears to be overlooking and undervaluing it.

The market seems to have missed that this company has demonstrated a successful turnaround over the last few years. It has executed disciplined capital allocation: debt repayment, share repurchases, and highly accretive tuck-in acquisitions.

Now, the company is pursuing an exciting, relatively new oil development approach, with high returns on invested capital. The market does not appear to have caught on to this - for now.

Source: Bison Insights Idea Investor Presentation

This is the second article in this stock idea update series and is an in-depth update on the company I originally wrote about back in April in This Undervalued Oil Producer is Buying Back Stock and Paying Off Debt.

These stocks represent a large portion of the Bison Insights composite tracker, which has been crushing oil stock ETFs like State Street SPDR S&P Oil & Gas Expl & Prod ETF (XOP) and broader market ETFs like State Street SPDR S&P 500 ETF Trust (SPY):

Large Position Review: From Money Pit to Money Maker

Josh Young — Wed, 10 Jun 2026 22:40:27 GMT

Oil prices have been extremely volatile recently. Investors appear worried about what the “day after” the Strait of Hormuz reopens could mean for oil prices and energy stock valuations.

In the meantime, we’re still living through the largest oil supply disruption in history, with rapid inventory drawdowns that some pundits and industry executives believe could quickly send oil prices to all-time highs if continued.

With so much uncertainty around the future path of oil prices, I think it’s especially important to focus on oil stocks that can still do well if oil prices go down, while presenting multi-bagger potential upside if oil prices go higher.

In this context, I’m launching a new article series focused on my favorite oil stock ideas that I own in size and consider core positions.

In each article, I’ll walk through what I think the stock could be worth at lower oil prices, while also analyzing the upside I see at higher oil prices. Here is the proved reserve value sensitivity chart for the first idea, which I’m highlighting in this article:

These are the ideas I believe present me with the best combination of downside protection and upside potential. They represent a large portion of the Bison Insights composite tracker, which has been crushing oil stock ETFs like XOP and broader market ETFs like SPY:

In this article series, I’m going to highlight each of these large-position ideas, one at a time. This is the first article in the series, and it is an in-depth update on the company I originally wrote about back in October in From Money Pit to Money Maker.

Drill Baby Drill - Recording of Live Update

Josh Young — Sun, 07 Jun 2026 15:20:56 GMT

I walked through the latest US oil inventory data and other relevant statistics, along with providing some more background on Bison Insights and where I’m finding value, in this live video yesterday.

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Here are some the charts I addressed:

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I also discussed the latest idea update, which came out yesterday. The stock has done well:

And I see a lot more potential upside from here:

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I enjoy doing these ad hoc live videos - let me know what you think, and have a great weekend!

Update On Undervalued Oil Producer That is Buying Back Stock and Paying Off Debt

Josh Young — Sat, 06 Jun 2026 13:21:34 GMT

In April, I wrote about one of my favorite oil producer stocks, which has a lot of potential upside to higher oil prices, in This Undervalued Oil Producer is Buying Back Stock and Paying Off Debt. Since publication, the stock has performed well against the broader energy space, as measured by the energy XOP ETF:

The stock has oil weighted production and high cash flow sensitivity to rising oil prices, and it’s using that cash to rapidly deleverage. It has also consistently beat production expectations over each of the recent several quarters.

As it cleans up its balance sheet and continues paying down debt, I think the stock will close its large discount to peers, implying substantial future upside from here:

Occasionally I am reminded of the conservatism of my assessments. I recently came across another analyst’s work on this company, who was considerably more bullish on the stock than I am. I find it is helpful to consider alternative perspectives in both directions on current and prospective investments, so I share his take and my interpretation of it below.

I'm Bullish Oilfield Services, But I'm Passing on This Levered OFS Stock

Josh Young — Thu, 04 Jun 2026 13:33:25 GMT

So far on Bison Insights, I’ve written extensively about specific oil and gas company stocks and related securities that I own and like. These have mostly performed very well since publication:

In this article, I’m writing about a stock that I don’t like.

The stock is of an oilfield services company (OFS), and if you’ve been following my writing here on Bison Insights, you know I’m very bullish on the OFS sector right now for two primary reasons.

First, we’re in the midst of the largest oil supply disruption in history, and it remains unclear when the disruption will end. Meanwhile, U.S. oil inventories are drawing at a record pace. They are expected to reach all-time lows within the next two weeks:

Oil is essential to the global economy, so those missing barrels will need to be replaced. To replace them, producers will need to drill more wells, which means more work - and profits - for oilfield services companies.

Second, the OFS sector has consolidated tremendously over the last decade. When oil prices crashed in late 2014, and then again in 2020, there were a lot of bankruptcies and consolidation in the sector which has significantly reduced the number of competitors, particularly in the onshore drilling space:

The companies that survived are competing in a much less crowded market. As a result, we’ve already seen resilient pricing and margins, despite a decline in the rig count over the past few years. Continuing this trend, I think that OFS margins and free cash flow will increase far more than the market expects as the cycle turns.

Considering these factors, I think the outlook for OFS looks very bright - but not every OFS company is equally attractive. In this article, I’ll walk through one specific OFS company stock that I don’t like, explain why I’m passing on it, and compare it to several OFS companies I’ve written about that I believe offer a much better risk-reward profile.

Exxon and Chevron CEOs See Oil Price Upside Risk - I See Tremendous Opportunities

Josh Young — Tue, 02 Jun 2026 20:58:05 GMT

As we enter the fourth month of the largest oil supply disruption in history, global oil inventories continue to draw at a rapid pace, with no clear end in sight. And here in the US, oil & products inventory levels are falling to multi-year lows.

Despite these record inventory drawdowns, oil prices remain well below where leading industry executives believe they should be.

In a recent interview, Chevron CEO Mike Wirth said that prices around $80 per barrel were near the low end of the company’s scenario range, while the upside could reach “very high numbers” if the inventory drawdowns persist.

ExxonMobil senior vice president Neil Chapman expressed a similar view, warning that “we’re approaching unheard of inventory levels” and that oil prices will spike to $150-$160 per barrel when inventories hit all-time lows in coming weeks:

Source: CNBC

I agree with them that oil prices may be headed much higher from here. Fortunately, as a smaller investor, I can invest in small, off-the-run oil equities that trade at large discounts to intrinsic value and still move the needle for me. Chevron and Exxon, by contrast, need to make very large investments to move the needle, which typically means paying much higher valuations for reserves, production, and cash flow.

Chevron’s recent acquisition of Hess is a good example. Chevron effectively paid roughly $42 per barrel of oil equivalent (boe) of proved reserves, a much higher price than what I can pay by purchasing shares of some of the smaller, lesser-known oil producers that I’ve shared here on Bison Insights:

In other words, while Chevron paid roughly $42 for every boe of proved reserves acquired, investors today can buy proved barrels for $10 per boe - or less!

It’s not that this was a bad acquisition for Chevron. Many investors assume these large companies have a major advantage because of their scale and high valuations. I see the opposite - it’s much harder for them to earn attractive returns, because their opportunity set is limited to very large investments, which are typically much more expensive and take longer to implement.

As a smaller investor, I can look for individual stocks like the ones I’ve shared here on Bison Insights, which are often overlooked and can trade at large discounts to intrinsic value.

Those companies come with more managerial and operational risk, but they also offer much more reserve value and cash flow per dollar invested. I’ve found that the sheer under-valuation of a portfolio of these companies has the potential to meaningfully outperform the larger oil companies over time.

I’ve experienced this outperformance in my decade+ of professional energy investing, and I’ve seen this play out since launching Bison Insights, where the portfolio of the stocks I’ve written about have substantially outperformed large oil stocks and the broader market so far:

That being said, it is productive to study how these leading supermajor CEOs think about oil and their outlook for prices. I then consider their perspectives, as I build a framework to buy assets that are far too small for the oil majors to focus on, but still large enough for me to earn very attractive returns on capital (so far - past performance may not be indicative).

In this article, I’ll review the recent comments from these executives, and then walk through the implications for the smaller, lesser-known oil stock ideas I’ve shared here on Bison Insights with extremely high oil price upside.

My Latest Stock Idea Explained Simply

Josh Young — Sun, 31 May 2026 22:19:18 GMT

When oil prices rise, oil companies usually want to produce more oil. To produce more oil, they have to drill more wells. To drill more wells, they need drilling rigs. They need special tools. And they need workers who know how to use those tools. The companies that provide this equipment and support are unsurprisingly called oilfield services companies.

When oil prices start to rise, this sub-sector historically has outperformed. Oil prices have risen by a lot over the last several months, but one small oilfield services company in particular still looks very cheap. As producers drill more wells, this company should get more work. As it wins more work, free cash flow will rise, potentially much higher than current estimates show:

A second tailwind is better profit margins. In the past, this company has sometimes had to rent tools from other companies to complete jobs. Renting tools costs money, which lowers profits.

But over the last several years, the company has been buying smaller competitors and also bringing more tool manufacturing in-house. That means it now owns more of the tools it needs for its jobs.

As the company uses more of its own tools instead of rented ones, it keeps more of the money from each job. The same work becomes more profitable. And as those profits improve, the market should begin giving the stock more credit.

As I see it, this company’s stock has four ways to win:

more work,
higher revenue per job,
better margins,
and a higher valuation.

The stock does not need everything to go right. Even if drilling only improves modestly, the company can still do very well by improving margins, paying down debt, and continue buying back stock.

But if drilling activity rises at the same time, the upside could be much larger:

This is my latest idea, and the 15th I’ve published so far here on Bison Insights. The prior ideas have mostly performed well, and I’m very excited about this one, which I have made a large position for myself:

Update on "10x or Bust" Oil Producer Stock Idea

Josh Young — Fri, 29 May 2026 12:18:10 GMT

So far on Bison Insights, I’ve shared 15 investment ideas, 14 of which have gone up since publication:

The one loser so far is #12. I first wrote about this company in March in a piece titled 10x or Bust: An Asymmetric Distressed Oil Company Idea in the Midst of Soaring Oil Prices.

So far, it’s been a bust. The stock is down 43% since I first wrote about it. My thesis was that the company had a good chance of completing a key refinancing that would remove a major overhang on the equity. That hasn’t happened yet, but its not over.

The company still has roughly a month and a half to complete the refinancing before the next major dilution trigger. If it succeeds, I think the stock could breathe again and begin to receive credit from the market for the value of its underlying assets.

The upside is evident - the latest PV-10 value from the company’s latest reserve report helps illustrate why I’m still interested in the stock:

I just left an energy conference where I spoke with management. They are focused on the refinancing, which left me encouraged, and I recently added to my position.

In this article, I’ll provide an update on the company’s Q1 results and share what I learned from meeting with management at the conference this week.

Live conversation with top performing CEO of Infrastructure + OFS company CEO

Josh Young — Fri, 29 May 2026 02:26:15 GMT

Thank you to everyone who was able to make it live to this conversation with this CEO of a top performing infrastructure and OFS company.

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Here’s a link to the original thesis:

The stock has nearly do…

$350 Million Canadian Duvernay Shale Deal

Josh Young — Wed, 27 May 2026 12:47:36 GMT

Yesterday morning, Northern Oil and Gas announced a large Duvernay acquisition. This has major value implications for the company I wrote about in From Money Pit to Money Maker, which owns a large nearby position with better well results.

It is a significant development - NOG was one of the original shale-era public companies and a pioneer in the space, with roots going back to the early Bakken days when the industry was first proving that oil could be produced economically from shale.

I was also involved with NOG early in my career and have been following them for nearly two decades. I led the first offering NOG completed coming out of the Global Financial Crisis, investing millions of dollars (for the investment firm I was at) into Northern at the start of their epic run from $6 to $40/share within a couple of years.

NOG’s history after that was rocky. The company became over-levered and ran into problems. They brought in their current CEO in early 2020. He helped guide the company through the COVID downturn, and the stock has gone from a low of roughly $3 per share during his first year as CEO to around $22 per share today:

Considering their long operating history and strong post-COVID track record, I think that NOG buying into the Duvernay is a major validation point for the play, and directly supports the thesis I laid out in From Money Pit to Money Maker, where the company I highlighted owns a core asset in the heart of the Canadian Duvernay oil window.

Read-Through Value Implication

NOG’s deal provides a fresh private market datapoint for Duvernay value from a credible, well known US shale buyer. Incidentally, the company I wrote about in From Money Pit to Money Maker owns a large Duvernay position that still appears to be receiving limited credit in the public market, despite strong early well results and a compelling development plan scheduled over the next several years.

The value of this company’s Duvernay position implied by this morning’s transaction is nearly the entire value of the company, implying that investors are essentially receiving the remaining assets at a highly discounted valuation. The total company NAV, in my view, is much higher than the value at which the company is currently trading:

In the rest of this article, I’ll compare the transaction to this company’s Duvernay position in more detail and estimate what it implies for the stock.

Drill Baby Drill - There is no Iran Deal

Josh Young — Mon, 25 May 2026 15:18:32 GMT

Another live extemporaneous video, on the nonexistent “Iran deal”, oil price sell-off, drilling rig inflection, getting a call wrong, and more. There was some live Q&A too. Have a good Memorial Day!

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Iran: Trump’s Biggest Deal?

Josh Young — Sat, 23 May 2026 14:18:27 GMT

To understand how the conflict with Iran may resolve, I review the fundamentals of the conflict, analyze Trump’s dealmaking style, and review the past deals he’s negotiated as president. These help provide a framework for how Trump is approaching Iran now. This outcome could have a major short-term impact on oil prices and related equities.

Trump’s first book, The Art of the Deal, is a useful guide for this, and is referenced throughout this article.

The Art of the Deal, 1987

The book opens with the following paragraph:

“I don’t do it for the money. I’ve got enough, much more than I’ll ever need. I do it to do it. Deals are my art form. Other people paint beautifully on canvas or write wonderful poetry. I like making deals, preferably big deals. That’s how I get my kicks.” — Donald Trump, Art of the Deal

Trump likes making deals. And he prides himself on making good ones. Nearly 40 years later, Trump and his team are negotiating the biggest deal of his life. His objective is to stop Iran from being a threat to the U.S. and the region:

“Our objectives are clear. First, we’re destroying Iran’s missile capabilities… and their capacity to produce brand new ones — pretty good ones they make. Second, we’re annihilating their navy… Third, we’re ensuring that the world’s number one sponsor of terror can never obtain a nuclear weapon… And finally, we’re ensuring that the Iranian regime cannot continue to arm, fund, and direct terrorist armies outside of their borders.”

To achieve these objectives, on February 28, 2026, the U.S. and Israel launched Operation Epic Fury - a coordinated strike campaign against Iran’s key military assets and nuclear infrastructure.

Iran’s Response

The difference between Operation Epic Fury and the U.S. strike last June is that the strike last June was narrower and aimed at Iran’s nuclear facilities. This time, the strikes were designed to substantially weaken the regime itself, and even killed Iran’s Supreme Leader (who has now been replaced with his son). Instead of trying to beat the U.S. and Israel in a conventional war, Iran went straight to its strongest form of asymmetric leverage: closing the Strait of Hormuz.

In his book, Trump defines leverage as the following:

“Leverage is having something the other guy wants. Or better yet, needs. Or best of all, simply can’t do without.” - Donald Trump, Art of the Deal

By closing the Strait, Iran created leverage because it created a need: an open Strait to prevent a much broader economic crisis. A closed Strait of Hormuz is now Iran’s biggest source of leverage, so they’re not likely to give it up without real concessions from the U.S. side.

Why We’re At An Impasse

Iran appears to be asking for the one concession the U.S. has repeatedly said it won’t give: the right to enrich uranium domestically.

Live Interview: Jesse Day

Josh Young — Fri, 22 May 2026 12:03:30 GMT

Jesse Day joined me for a live conversation about commodities markets and his experience in buying an oil stock that was written up on Bison Insights.

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I found it instructive to hear about Jesse’s experience, as a real-world Bison Insights reader success case. I particularly appreciate the trajectory - Jesse read about the idea here on Bison Insights, considered alternatives, did his own diligence, and made his own educated decision about it.

In particular, Jesse was originally interested in a large US producer, which had specific challenges that I wrote about, and instead ended up buying shares in this large Canadian producer, which I also wrote about. I published an update on this idea recently. And it’s done great:

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As we discussed in the conversation, Jesse created a leading YouTube channel called Commodities Culture - where he not only interviews, industry experts, fund managers, and CEOs, but also has created the #1 documentaries on critical commodities such as platinum:

I appreciate Jesse’s unique perspective, and I am glad to share it with you here.

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*Disclaimer: I and funds I advise own shares and related securities of companies discussed and may buy or sell them at any time without further notice. There can be no assurance of return or accuracy of anything written. Any investment decision requires diligence and, if appropriate, an advisor should be consulted. I am not your advisor, and this is meant for general information and educational purposes and not as personalized investment advice. No personalized advice can or will be provided by Bison Insights. Past performance may not repeat itself. The views expressed here are solely my own and do not necessarily represent the opinions, strategies, or positions of any other person or organization.

This Large Cap Oil Producer is Outperforming, With More to Come

Josh Young — Thu, 21 May 2026 12:36:35 GMT

I usually write about small-cap oil stocks on Bison Insights, but back in December I shared my thesis on a large-cap company trading at an unwarranted discount to peers, with upside from improving refining margins and a highly accretive but misunderstood acquisition. I even published an interview with an industry expert with directly relevant experience, who helped provide more detail on what the market was missing about the assets - high return development upside and optimization potential.

Since publication, the thesis has played out nicely. Of course, the substantial rise in oil prices has helped, but the performance of the shares of this particular company has substantially exceeded its own peer group and the broader oil and gas space:

Despite this outperformance, the company still trades at a very attractive valuation and discount to peers. My own analysis and consensus forecasts estimate that the company trades at a higher expected forward free cash flow yield than its closest large-cap peers, at a compelling 17% fcf yield:

The discount reflects two issues that the market appears to be hanging onto but have recently inflected:

A period of heavy capital investment in non-producing assets, which have now flipped from cash flow negative to cash flow positive.
A key acquisition that was broadly misunderstood by the market, and which is now driving high production growth and enormous returns on investment.

This high production growth makes the current high free cash flow yield even more attractive, because this company isn’t only generating high free cash flow, it’s also growing:

This company is also deeply undervalued compared to its likely net asset value at $100 oil, trading at a large discount to the value of its enormous reserves. It has high upside to higher oil prices, and should still have some upside if oil prices decline back to pre-war levels.

Below, I share my updated view on the stock.

The Opportunity in Oil Drillers and Contrarian Value Investing - Extemporaneous Video

Josh Young — Wed, 20 May 2026 12:27:10 GMT

After publishing my latest idea (number 15!), I walked through my high-level thesis, explained why I think the opportunity exists, addressed value investing and oil market misconceptions, and answered some live questions.

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In recent meetings with senior executives of oil & gas producers and services companies, I continue to hear about more rigs running and more oil wells being drilled. And I’m seeing more and more evidence that the driller thesis is playing out, as shown below.

Meanwhile, Bison Insights’ idea performance has continued to be beyond reasonable expectations:

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I was asked where to find Bison Insights merch like “Drill Baby Drill” hats, which you can find here. I’ve been donating the net proceeds of merch sales to the Houston Zoo.