I decided to keep this one free for everyone so I could experiment with a new format. I wanted to put out a quick update on what I think is interesting right now in the portfolio. Like all of my best ideas, the name came to me at 2:00 in the morning while I was staring at the ceiling waiting to fall asleep. If any of you have suggestions for features you would like to see on the Substack, or topics you want me to cover, feel free to send me a message or leave a comment.

Video Summary

* Calumet’s $CLMT recent C-corp conversion, and the potential catalyst of a loan from the Department of Energy in the next couple weeks.

* Borr Drilling’s $BORR recent Q2 earnings, additional borrowing, and new build delivery. Hint: the inflection is here and 2025 is going to be interesting.

* A large portion of Valaris’ $VAL fleet repricing between now and the end of 2025, along with the poor timing of their Q2 earnings report.

* Transocean $RIG insider buying.

* Peabody Energy’s $BTU increased buyback program and the exit of Elliott Investment Management.

* HFI Research’s piece on oil production and my thoughts on bearish oil positioning.

Disclaimer

I own shares of Borr Drilling, Transocean, and Peabody Energy. I also own calls on Calumet, Transocean, Peabody Energy, and Valaris warrants. You should do your own research before making any investment decisions. Different investment strategies have different risk/return profiles which should be considered before making any decisions.

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