NATURAL RESOURCES

Our Natural Resources research platform is focused on upstream, midstream and downstream segments of the global oil & gas industry, service providers that support oil & gas activity, mining, and materials companies in the chemical value chain.

Recent Sector Insights

NATURAL RESOURCES
NOW, Inc. (NYSE: DNOW)
Positioned to Capitalize on Growth Opportunities
Management Series · 23 Jan 2023

We hosted a fireside chat on December 14, 2022, with senior leadership of NOW, Inc. We were joined by David Cherechinsky, President, Chief Executive Officer, and Director, and Brad Wise, Vice President Digital Strategy and Investor Relations.

NATURAL RESOURCES
VAALCO Energy, Inc. (NYSE: EGY)
A Balanced Portfolio of African E&P Assets
Initiation Of Coverage Report · 19 Dec 2022

• VAALCO is an Africa-focused exploration and production company whose primary focus has been on its producing asset offshore Gabon and exploration opportunities offshore Gabon and Equatorial Guinea. On October 14, 2022, VAALCO closed the stock-for-stock acquisition of TransGlobe Energy Corporati...

NATURAL RESOURCES
Evolution Petroleum Corp. (NYSE: EPM)
Singular Focus on Total Shareholder Return
Management Series · 16 Dec 2022

We hosted a fireside chat on November 29, 2022, with Kelly Loyd, President, Chief Executive Officer, and a Director of Evolution Petroleum. Our discussion concentrated on Evolution’s strategy of driving total shareholder returns.

NATURAL RESOURCES
Earthstone Energy, Inc. (NYSE: ESTE)
Permian Scale Supports Free Cash Flow Capacity
Update Note · 12 Dec 2022

Acquisitions have positioned Earthstone to generate significant free cash flow. 4Q22 financial and operating results will be the first to include the cumulative effect of three major acquisitions that closed in the first eight months of 2022.

NATURAL RESOURCES
Talos Energy, Inc. (NYSE: TALO)
EnVen Acquisition Increases Deepwater Optionality
Update Note · 09 Dec 2022

The pending acquisition of EnVen Energy Corporation will expand Talos’s deepwater scale and increase the optionality of its exploration and development prospect portfolio.

NATURAL RESOURCES
Independence Contract Drilling, Inc. (NYSE: ICD)
Repricing and Reactivating Premium Rigs Capitalizes on Constructive Fundamentals
Management Series · 08 Dec 2022

Water Tower Research hosted a fireside chat on November 17, 2022, with Anthony Gallegos, Director, President, and Chief Executive Officer of Independence Contract Drilling (ICD).

NATURAL RESOURCES
NOW, Inc. (NYSE: DNOW)
Fireside Chat: President, CEO, and Director David Cherechinsky and Vice President Digital Strategy and Investor Relations Brad Wise December 14, 2022, at 11:00 am ET
Fireside Chat Invitation · 07 Dec 2022

Please join us for a conversation with NOW, Inc. President, Chief Executive Officer, and Director David Cherechinsky and Vice President, Digital Strategy and Investor Relations Brad Wise on Wednesday, December 14, 2022, at 11:00 am ET. Our discussion will focus on DistributionNOW’s goal of being ...

NATURAL RESOURCES
Riley Exploration Permian, Inc. (NYSEAMERICAN: REPX)
Consistent Growth to Drive Shareholder Returns
Management Series · 30 Nov 2022

We hosted a fireside chat with senior leadership of Riley Exploration Permian on October 12, 2022. Participants included Riley President Kevin Riley and Chief Financial Officer Philip Riley.

NATURAL RESOURCES
Ring Energy, Inc. (NYSEAMERICAN: REI)
Stronghold Assets Add Permian Scale and Free Cash Flow Generation Potential
Initiation Of Coverage Report · 29 Nov 2022

On August 31, 2022, Ring closed the $465-million acquisition of assets from Stronghold Energy II Operating, LLC and Stronghold Energy II Royalties, LP. Funding was ~50% debt/equity.