Recorded on location at the Exchange ETF Conference, Zephyr market strategist Ryan Nauman speaks with Mark Marifian, Head of Product at Tortoise Capital, about why energy belongs in portfolios and common misconceptions that it’s only about crude prices or big integrated oil companies. Marifian explains the breadth of energy sub-sectors, highlights midstream’s fee-based, repeatable cash flows, and discusses how energy infrastructure can provide income and inflation protection through contract and tariff adjustments linked to PPI. They cover how allocators may bucket energy within income, real assets, or core/satellite equity exposures, and why energy’s small S&P 500 weight may create opportunity. Marifian also outlines MLPs’ role, introduces Tortoise’s TMLP ETF, and discusses data-center/AI-driven demand, energy security, and an oil “sweet spot” range of $60–$90.

Learn more about Zephyr here.

Learn more about Tortoise Capital here.

00:00 Welcome and Disclosures

00:41 Energy in the Spotlight

01:28 Meet Mark Marifian

02:50 Why Energy Belongs in Portfolios

05:13 Misconceptions and Energy Subsectors

07:11 Energy’s Small S&P Weight

08:23 Where Energy Fits in Allocation

10:21 MLPs Explained and Income Potential

11:26 How to Access MLPs with TMLP

12:50 Future Demand from AI and Security

15:12 Oil at $100 and the Forward Curve

17:17 The Sweet Spot for Oil Prices

18:32 Wrap Up and Where to Learn More