🎙️ EP 78: Josh Young: "Oil Is Mispriced"

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In this episode, I sit down with Josh Young, CIO of

Bison Energy Insights

to break down the current state of the oil market—from supply and demand imbalances to geopolitical shifts shaping the future of energy. We explore the mispricing of oil, the challenges in the natural gas market, and the evolving role of LNG exports.

Josh and I also dive into the investment side, discussing the value chain in energy, land and royalty companies, water handling challenges, and strategic opportunities in upstream and small-cap sectors. This was great for me, because Josh has a very different opinion on some of my main Royalty plays which we touch on in the interview.

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I hope you enjoy today’s podcast and get a lot out of it.

For a brief synopsis I’ve left the takeaways in point form below along with the timestamps.

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00:00 Introduction to Investment Perspectives

01:07Current Oil Market Dynamics

04:39Geopolitical Influences on Oil Supply

08:48The Role of the Permian Basin

09:33Natural Gas Market Challenges

17:01Future Demand and LNG Exports

19:51Drilling Activity and Production Potential

26:09Exploring the Value Chain in Energy Investments

32:11The Future of Land and Royalty Companies

38:14Water Handling: Challenges and Innovations

44:11Investment Strategies in Upstream and Small Caps

49:06Market Dynamics and Future Predictions

Take Aways:

• Current oil prices may not reflect true supply-demand balances.

• The Permian Basin's production growth is contentious and may be slowing.

• Natural gas markets face challenges, including negative pricing in some areas.

• Future demand for LNG exports is expected to increase significantly.

• Drilling activity in the Permian is down, affecting production potential.

• Higher oil prices are needed to incentivize increased drilling activity.

• There is a complex relationship between oil and natural gas production.

• The valuation of land and royalty companies is considered high relative to cash flow.

• There is a potential abundance of land and surface revenues in the market.

• Water handling is not a bottleneck but rather a manageable challenge.

• Increased rig activity may not lead to proportional production increases.

• The winners in the energy sector will be those with tier two or tier three land.

• Mother Nature and geology will ultimately dictate market outcomes.

⚠️ Disclaimer: The content provided in this podcast and related materials is for informational and entertainment purposes only and should not be considered financial, investment, or legal advice. I document my personal investment journey and share insights based on my own research and experience. Any investment decisions you make should be based on your own due diligence. Always consult a qualified financial professional before making any financial or investment decisions. Investing involves risk, and past performance is not indicative of future results.

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