Ken Peak Contango presentations

Kenneth Peak is the former CEO of Contango Oil & Gas (MCF) who passed away in 2013.  Here is a collection of investor presentations that were taken down from the contango.com website:

Ken Peak MCF presentations (36MB Zip file on Dropbox)

Summary of some key ideas

  1. Being the low-cost producer is the ONLY advantage in a commodity industry.
  2. Most of the value creation is made by explorations who are really good at what they do.
  3. Incentives drive behaviour.
  4. Low debt is an advantage as it allows an E&P to engage in counter-cyclical behaviour.
  5. Historically, the independent E&P industry has created close to zero value for shareholders.

Links

Oil & Gas 101 – An old post where I mention Contango Oil and Gas.  Since that post, I sold out of my Contango position (at a loss) and started shorting a number of oil & gas stocks.  I did not forsee the huge drop in natural gas, NGL, and crude oil pricing.

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