Guide to Energy Markets
Use this informative quarterly resource to help illustrate the key forces shaping the evolution of energy investing.
Discover the Forces Fueling the Energy Growth Era
Energy may be one of the most under-owned sectors relative to its role in the economy. This video highlights what you can expect to find in our Guide to Energy Markets. Dive into the Guide to learn more about key events driving the sector’s transformation and growth, the effect of current events, the longevity of the sector’s growth, and initiatives driving the producers and users.
Points of Interest in This Quarter’s Guide
Designed to help you connect energy infrastructure to potential portfolio opportunity, every page in the guide is built to help answer questions you may have about energy.
Here are some of the points covered in the current guide.
- Why crude oil gave back its war premium while futures still price oil higher for years.
- What does damage to LNG facilities mean for natural gas prices in the near term?
- How is AI growth increasing demand for memory, electricity, and grid capacity?
- How will hyperscaler data center spending affect future energy demand?
- How is the energy value chain affected by these shifts?
The Importance of the Full Energy Value Chain
The energy sector continues to evolve. As energy specialists with over 20 years of experience, Tortoise Capital is at the forefront of today’s global evolution. We invest across the entire energy value chain identifying companies with free cash flow, shareholder-friendly capital allocation, and exposure to structural growth trends that span technology, the global economy, and national security.
Upstream
U.S. oil and gas producers are pumping more than ever, using fewer rigs than they were a year ago. It’s a story of doing more with less. Private companies have started adding rigs since March, a sign that today’s prices are worth drilling for again.
~30 Fewer Rigs, and Privates Are Adding Again
Midstream
Pipeline companies get paid for how much moves through their systems, not what it’s worth. That means the headlines about conflict and oil prices barely touch their bottom line. These companies are generating more cash than they know what to do with, with an estimated $36 billion in extra capital by 2030.
Projected Cash Flows Fund Capex, Shareholder Returns, and a $36 Billion Surplus
Refiners
Refiners are making significantly more money turning crude oil into gasoline and jet fuel than they were before the conflict, in some regions nearly six times as much. A lot of global refining capacity has been knocked offline and hasn’t come back.
Margins Still Run 1.6x to 2.9x Pre-Conflict Levels
Power & Utilities
Utilities keep spending more to build out the grid, and it has nothing to do with oil prices or the conflict overseas. Demand for electricity is growing for the first time in 20 years, and every new forecast keeps proving too conservative.
AI Infrastructure
Big tech just raised its AI spending plans by another $90 billion this quarter alone. Total spending on AI infrastructure is now closing in on $1 trillion a year, and it keeps climbing every time we check.
Stay Informed on the Energy Sector
Access key insights around the trends and drivers leading the energy transformation.
Download the Tortoise Capital Guide to Energy Markets now.
Contact Us
Questions? Reach out to the industry experts in energy investing.