Open Insights Capital – OXY
Bull thesis on Occidental Petroleum from Open Insights Capital
Intercontinental Exchange (ICE)
Pitch Summary: ICE is a collection of monopolistic/duopolistic market infrastructures spanning energy/IR futures, NYSE listings, fixed-income data/indices, and mortgage tech. Exchanges should accelerate on structural share gains: Brent leadership plus rising WTI share post-2023 Brent basket change, and surging LNG/TTF/JKM activity driving energy ADV and high-90s incremental margins. Mortgage Tech (Ellie Mae + Black Knight) […]
Permianville Royalty Trust (PVL)
Pitch Summary: PVL is a diversified, perpetual oil & gas royalty trust whose unusual structure forces it to co-fund development capex alongside operators, temporarily suppressing dividends and creating a mispricing for yield-focused investors. Capex has surged (2024 capex ≈ 33% of revenue, 75% of EBITDA), pausing distributions and driving the unit price down ~50% since […]
