Sectors
Energy is not one market.
Each part of it rewards a different kind of underwriting. These are the areas we study and where we are equipped to form a view. Areas of interest describe where we spend our research time — they are not a commitment to invest, and they are reviewed periodically.
Upstream & production
Producing and near-producing assets where reserves, decline and operating cost are measurable rather than projected, and where the operator has a record we can examine.
Midstream & logistics
Storage, terminals, transport and the contracted infrastructure between production and market. Contracted cash flow is only as good as the counterparty behind the contract, so that is where we start.
Refined products & trade
Physical flows, offtake and the working capital that moves them. Margin here is thin and operational, which makes counterparty quality and settlement risk the whole discipline.
Power & grid
Generation and the connection, transmission and offtake arrangements that determine whether generation is worth anything. Interconnection queues and curtailment risk are underwritten explicitly.
Storage & transition assets
Assets whose economics rest on policy support or a forward curve are underwritten on what they earn without the support, and on what happens if the curve is wrong.
Energy services
Businesses that supply the sector rather than take commodity price risk directly, where the value is in contracts, equipment and skilled people.