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