The Future of Oil & Gas

Understanding and Investing in the Upside-Down
 
Please note that this event will be through Zoom. Login information will be provided in the reminder email closer to the event
 
Hosted by: Education Advisory Group

On April 20, 2020, May NYMEX crude oil futures dropped by almost 300% closing at negative $37.63 per barrel. This punctuated a downcycle accelerating the speed of transformation in the oil and gas industry. The commodity quickly escaped the upside down. However, layers of uncertainty still remain due to geopolitics, the threat of climate change, a balance sheet and cost of capital crisis, investor preferences for ESG, the renewables market, energy storage, and technology. This event will provide a discussion on the road ahead for the energy commodities, the firms involved, and how that translates into future opportunities. Join us to hear our panelists discuss:

  • How much oil the world will need/be allowed to use in the future and the key social trends and policy drivers that will affect this
  • The drivers behind the negative May WTI future, what it means for investors, physical commodity traders, producers and consumers of oil products
  • How this changed hedging policies for companies and risk management policies for investors and if we will see negative oil prices again in 2021
  • Changes in the economics and strategic drivers for the oil and gas industry this year, which aspects are cyclical versus structural (or even existential) and what effects the extraordinary cut in capital in traditional energy investment will have on the oil market in coming years
  • The outlook for the US shale oil industry in 2025 including the cost of capital, the balance sheet requirements, what the investor constituency will look like and if there will be more consolidation within and across the value chain segments
  • Opportunities in the energy transition away from fossil fuels, how super major oil companies will adapt and who will be the winners 
  • The best way for retail and institutional investors to get exposure to traditional energy markets and to energy transition
 
Speakers:  

Peter Keavey -  Global Head of Energy, CME Group
Paul Sankey - Lead Analyst, Sankey Research
Rob West, CFA - Founder, Thunder Said Energy

Moderator: Tim Flannery, CFA, CPA - Managing Partner, Copia Capital

Fee*:  
Members - FREE  
Nonmembers - FREE

CFA Institute Qualified Activity: Eligible for 1 credit hour

Registration: Online  
Zoom login information will be provided in the reminder email closer to the event. Registration closes at 5:00 PM on November 23, 2020.

Agenda: 
4:00 pm - 5:00 pm CST: Program 
Please log in a few minutes early to test your video and internet connections.

*Distribution of presentation slides is at the discretion of the speaker and may not be available for this event

Speakers:

Peter Keavey is responding for leading and developing CME Group’s suite of global energy products, including benchmark futures and options that help customers mitigate the myriad of risks they face in today's uncertain global economy. Keavey has 30 years of experience in the futures and options industry, including 15 years as a trader of physical and financial energy products across the natural gas and crude oil and refined product markets. Prior to joining CME Group in 2013, Keavey was a portfolio manager at Graham Capital Management focusing on energy markets. He served as managing director and Head of Energy Trading at Scotia Capital from 2008-2011, and has held various commodity trading positions for Enron Corporation, Societe Generale and Lehman Brothers. Keavey is based in New York. He earned a bachelor’s degree in business administration from Fordham University’s Gabelli School of Business.


Paul Sankey, the widely-followed oil analyst who was first to call for negative oil prices when COVID began impacting world markets, recently started his own research firm Sankey Research. The independent research effort will be supported by Analyst Hub, a low cost, high quality distribution platform that provides all the branding, sales, compliance, middle-, back-office and technology analysts need to run an institutional-facing research firm. Among other recognized calls, Sankey tagged premium oil company EOG “The Apple of Oil”, ExxonMobil “The Big Unit”, pushed “The Diamond Age of Refining” over the past decade for US refiners, and has called for “The Renaissance” in US Exploration and Production in terms of companies reducing growth, reducing debt, and increasing cash return to shareholders. He has also styled himself an “analyst as activist” and heavily covered controversies such as Chevron vs Oxy for Anadarko, and most recently the sum-of-the-parts argument around Marathon Petroleum. Sankey started covering oil in 1990 out of Manchester University, joining the IEA in Paris, with subsequent stints at Wood Mackenzie, Deutsche Bank, Wolfe Research, and most recently Mizuho. He has ranked consistently highly or #1 in many investor surveys since his arrival on Wall Street in 2004. 


Rob West, CFA, found Thunder Said Energy in 2019. The aim is to bring a Wall Street researcher’s economic mindset to the energy technologies re-shaping the world. Prior to ThunderSaid, West built up the energy practice at Redburn, among the world’s leading, independent equity-research firms. He was responsible for the team’s energy strategy and commodity market research, while covering Super-Majors, such as ExxonMobil, Chevron, Shell, BP, TOTAL, Eni and Equinor. Previously he was an analyst at Bernstein. West is also a research associate at the Oxford Institute for Energy Studies. He has completed 75 modules in the IPIMS Petroleum Geology and Engineering programme. He holds a first-class degree in Experimental Psychology from the University of Oxford. He is a CFA charterholder. 



Moderator:

Tim Flannery, CFA, CPA is managing partner at Copia Capital. To compensate for investing in energy stocks, Flannery has managed his family office under Copia Capital since 2016, investing in a wide range of public and private vehicles including start-ups in a variety of industries. Prior to this, he managed a variety of hedge funds specializing in the energy value chain. From 2013 to 2016, Flannery managed the Copia Thematic Long Short fund. From 2002 to 2012, he managed the Copia Market Neutral Fund portfolio and the investment team at Copia Capital. Copia Capital was the first equity manager for FrontPoint from 2002 until mid-2011. Prior to founding Copia, Flannery was a director at Trove Partners LLC, a utility and energy investment partnership in Chicago. He developed the investment strategy for the Trove Market Neutral Fund, LP and was the fund’s portfolio manager. Flannery was a consultant with Metzler & Associates, a consulting firm specializing in strategic and operational advice to the deregulating electric and gas utility sector. Flannery’s focus was providing objective strategic solutions to industry clients through economic, financial and statistical analysis. He earned an MBA in finance from the University of Chicago and a BBA with an emphasis in accounting from the University of Michigan.



*Special Notes Regarding Fees: 
This event is complimentary for both members and nonmembers. Registration online is required and closes at 5:00 PM on November 23, 2020.


CFA Institute CE Qualified Activity:
This program qualifies for credit under the guidelines for the 
CFA Institute Professional Development Program.

When
11/24/2020 4:00 PM - 5:00 PM
Where
Online

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