Rory Johnston: Oil & Gas Industry Crash Course

Value Hive Podcast

Hey Guys! This week our guest is Rory Johnston. He is the savant of all things oil. We discussed how he became an energy analyst, oil’s volatile history, how energy companies started caring about profitability and forgetting about growth at all cost, what is shale energy, the oil and field services and how to understand supply and demand data.

• [0:00] Who is Rory Jonhston?
• [7:30] The Energy Lost Decade
• [16:00] Where to start learning the energy industry?
• [22:00] Oil is Technology.
• [27:00] Oil’s Volatile History
• [32:00] Profitability > Growth
• [34:00] What is shale oil?
• [40:00] Oil and Field Services
• [42:00] Pressure Pumping and Labor Most Likely to Benefit the Most
• [50:00] The Stone Age did not end for the lack of stones.
• [52:00] Understanding Demand and Supply: Inventories, Futures Curve,
• [55:00] Supply and Demand Data: IEA, OPEC, Energy Information Agency
• [1:05:00] Where to learn?
• [1:16:00] More from Rory Johnston and Closing Questions

Finally, a big thanks to the following sponsors for making the podcast a reality!

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created emergingmanagers.org, a website for emerging manager stockpickers.

For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers and more!

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