The biggest issue with the SPR is that because oil imports have fallen, it has effectively “gotten bigger” as it now covers more days of imports.

But ironically, a new article from Steve Levine argues that we should flood the market with oil from the SPR to punish Putin. The downside of that is that it would decimate our domestic oil companies temporarily.

ExxonMobil does have assets there, but they are not as exposed as BP. I did see a recent article mentioning the risks to both of these companies over the situation in Russia.

Thanks for your interest. We’re still very committed to Helmerich & Payne, which has the best land rig technology and therefore commands premium pricing. I’ll try to review the holding and the target in an upcoming issue.

We’re sticking with it. The fleet is new and mostly booked for next two years, the dividend secure and this would be the wrong time to bail out.

It’s always tough to see one’s investment lose value but the earnings report was in-line (production was 3% shy of wall street consensus, i understand); and it’s now trading at a cash flow multiple of 4, with 30% growth from said cash flow. This is a time to consider adding, not selling.

Mark,

It is always strongly influenced by just how cold the winter is, but I think the long-term trend will be up for the same reasons I think natural gas will trade higher. Propane exports are expanding, and that makes the domestic market tighter and more susceptible to unusually cold winters as we saw this year.

I’d only add that APU’s margins have been very resilient to changes in the commodity price of propane over the years. They have decent retail pricing power.