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 top mid-continent pipeline operators need only to keep growing distributions to retain the loyalty of investors. They will benefit as shrinking grade differentials hurt the profitability of transporting crude by rail. We survey the biggest likely winners.

LNG exports from the US are a speculative “story” after the government approved a second such project last week. We consider the most promising plays on this theme, and discover that they are already in our portfolios.

Finally, many energy stocks look like they finally want to join the bull market. Unfortunately, the timing is not terrific. Investors with the patience to wait for a correction should garner discounts.