A deep dive on small cap E&P valuations and the associated investment opportunity.
A review of Bison research to date and the improving fundamental backdrop in the oil and gas space.
An update on the ongoing energy crisis and disappointing OPEC+ production numbers. Bison estimates that spare capacity is overstated by at least 1.8MM bbl/d.
Oil demand will likely outpace new supply and inventories are drawing down fast, resulting in a tighter market more susceptible to price increases moving forward.
The suburbanization trend has accelerated since our first white paper on the topic year ago. As we move into a tighter-supplied market, subrubanization will remain an under-appreciated driver of oil demand moving forward.