Shows
Super-Spiked PodcastSuper-Spiked Videopods (EP85): Long-Takes From The Road: The Middle EastWATCH the video on Substack by clicking the play button above or on YouTube (here).STREAM audio only on Apple Podcasts (here), Spotify (here), or your favorite podcast player app.We are coming to you this week from the Middle East. We are in the middle of a great trip that has been put together by the Center on Global Energy Policy, where we are an advisory board member. As of this recording, we have spent time in Abu Dhabi, Dubai, and Riyadh, with 2 more stops still to come. We are going to have to...
2025-11-2210 min
Super-Spiked PodcastSuper-Spiked Videopods (EP84): A Virtuous Power Growth Dynamic?For Super-Spiked subscribers that prefer that written posts, this week we are including for the first time a lightly edited transcript of the video (blue download button below) along with a downloadable copy of the slide deck.WATCH the video on Substack by clicking the play button above or on YouTube (here).STREAM audio only on Apple Podcasts (here), Spotify (here), or your favorite podcast player app.DOWNLOAD a pdf of a lightly edited transcript using blue Download button below.DOWNLOAD a pdf of the slide deck using the blue Download...
2025-11-1525 min
Oil Ground UpSuperSpiked: Arjun Murti on Why "Super Volatility" Replaced the Super CycleRory Johnston welcomes Arjun Murti, a partner at Veriten and former Goldman Sachs equity research analyst with 33 years of experience covering the full energy value chain. Murti discusses his Substack, SuperSpiked, explaining that the branding harkens back to the 2004 call for a super cycle, though the current framework emphasizes multi-year "super volatility" rather than a new permanent price state. The experts dive into the core short-term commodity debate, analyzing the divergence in demand forecasts between the "big three" agencies and critiquing the inconsistency between high oversupply forecasts and only short-term low price predictions. Murti firmly pushes back on the...
2025-10-241h 05
Super-Spiked PodcastSuper-Spiked Videopods (EP81): Substantive Sustainability in a Post Net Zero WorldWATCH the video on Substack by clicking the play button above or on YouTube (here).STREAM audio only on Apple Podcasts (here), Spotify (here), or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.We are going to go back to the future this week to discuss the seemingly verboten topic of “sustainability.” Believe it or not, it is actually one of the most asked for topics at the various industry, board and management meetings we have spoken at this Fall. It’s never...
2025-10-1833 min
Super-Spiked PodcastSuper-Spiked Videopods (EP80): Long-Takes from The Road: Macro Scenarios, Contrarian Datapoints, Oil Bottoming PhaseWATCH the video on Substack by clicking the play button above or on YouTube (here).STREAM audio only on Apple Podcasts (here), Spotify (here), or your favorite podcast player app.We are in the midst of another heavy travel stretch so it’s going to be a short video this week. Three quick topics this week: (1) Takeaways from the recent energy outlooks that have been published? (2) Contrarian views on recent data points; (3) Why we think the current oil glut debate misses the bigger picture.🔔 4 Ways to Subscribe* All Content: If you subsc...
2025-10-1112 min
Super-Spiked PodcastSuper-Spiked Videopods (EP79): Traditional Energy Profitability: Closer To Trough Than PeakWATCH the video on Substack by clicking the play button above or on YouTube (here).STREAM audio only on Apple Podcasts (here), Spotify (here), or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.For the past month or so we have been pushing back on the “oil glut” narrative and the pervasive oil gloom that has existed really since Liberation Day in early April of this year, which coincided with news of an accelerated unwind of OPEC quota cuts. Another week has gone...
2025-09-2736 min
Super-Spiked PodcastSuper-Spiked Videopods (EP78): Long-Takes From The Road: Policy Shifts, Non-Glutted Oil Markets, and Turning The TideWATCH the video on Substack by clicking the play button above or on YouTube (here).STREAM audio only on Apple Podcasts (here), Spotify (here), or your favorite podcast player app.We have started a heavy Fall travel schedule, with our annual talk at the Oxford Energy Seminar last week and a corporate event in the Rocky Mountains this past week. We wanted to provide a trio of “long-takes” that are jumping out at us: (1) a burst in energy policy rationality and normalization that is being seen from three areas that were previously all in in "The...
2025-09-2007 min
Super-Spiked PodcastSuper-Spiked Videopods (EP77): The Misunderstood Unwind of OPEC Quota CutsWATCH the video on Substack by clicking the play button above or on YouTube (here).STREAM audio only on Apple Podcasts (here), Spotify (here), or your favorite podcast player app.As all of you that have been watching our video podcasts or reading our posts over the years by now surely know, our focus at Super-Spiked and at Veriten has been on the long-term outlook for the energy sector, not the shorter-term oil price guessing game. But in recent weeks, we have not been able to resist weighing in on what we think is an...
2025-09-1329 min
Energy Thinks with Tisha SchullerGetting the Call Right with Arjun MurtiWhat you’ll get in this episode of Energy ThinksI sit down with Arjun Murti, partner at Veriten, creator of the Super-Spiked newsletter and video Substack, and one of the most influential voices for energy realism. You’ll love Arjun’s sharp insights into why The Myth of an Easy Energy Transition is dissolving and what that means for oil and gas leaders, climate stakeholders, and global energy demand. We use his Wall Street framework of “getting the call right” to move past tribal takes and toward action.You’ll hear:* Why the “delayed...
2025-09-1154 min
Super-Spiked PodcastSuper-Spiked Videopods (EP72): Obliterating Peak Oil Demand: FAQWATCH the video on Substack by clicking the play button above or on YouTube (here).STREAM audio only on Apple Podcasts (here), Spotify (here), or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.Last week we published a written post that took a fresh look at a long standing theme of ours “obliterating peak oil demand” (here). We dug into OPEC Research’s most recent World Oil Outlook report (here) to compare OPEC’s more optimistic view of long-term oil demand to more bea...
2025-07-2625 min
Super-Spiked PodcastSuper-Spiked Videopods (EP71): "Some Of The Above": A PreviewWATCH the video on Substack by clicking the play button above or on YouTube (here).STREAM audio only on Apple Podcasts (here), Spotify (here), or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.We hope everyone enjoyed a great 4th of July holiday. This week we will start to flush out a new theme of ours, what we are calling “some of the above, depending on country and region" as the better macro and policy framing for energy. It will undoubtedly get sh...
2025-07-1231 min
Super-Spiked PodcastSuper-Spiked Videopods (EP70): Themes and Research Ideas for 2H2025WATCH the video on Substack by clicking the play button above or on YouTube (here).STREAM audio only on Apple Podcasts (here), Spotify (here), or your favorite podcast player app.Ahead of what will be a holiday week off to celebrate America’s Birthday, we have five thoughts we wanted to share this week around key themes, research ideas, and some what ifs that we are thinking about:(1) What will it take to get the traditional energy sector, in particular those exposed to the crude oil value chain going again? (2) Private ve...
2025-06-2825 min
Super-Spiked PodcastSuper-Spiked Videopods (EP69): Long Takes on Israel-IranWATCH the video on Substack by clicking the play button above or on YouTube (here).STREAM audio only on Apple Podcasts (here), Spotify (here), or your favorite podcast player app.This week we provide "long takes" on the outbreak of hostilities between Israel and Iran. Long takes are our attempt to provide perspective on the long-term implications--as opposed to "hot takes"--of current events. We recorded this mid-day U.S. time on Friday, June 13.🔔 4 Ways to Subscribe* All Content: If you subscribe to Super-Spiked via email, you will receive all content to...
2025-06-1412 min
Super-Spiked PodcastSuper-Spiked Videopods (EP68): FAQs: Wishy-Washy Oil Commentary, Post-Shale Biz Model OpportunitiesWATCH the video on Substack by clicking the play button above or on YouTube (here).STREAM audio only on Apple Podcasts (here), Spotify (here), or your favorite podcast player app.This week we wanted to address two questions that have come up from our recent posts and videos. The first on why are we not more pound-the-table bullish on crude oil after noting how inexpensive it is versus a bunch of other commodities. The second question is what kind of capital return could work is on what kind of “yield vehicle” could be possible for shal...
2025-06-0722 min
Super-Spiked PodcastSuper-Spiked Videopods (EP67): Lagging Oil and an Evolving Industry StructureWATCH the video on Substack by clicking the play button above or on YouTube (here).STREAM audio only on Apple Podcasts (here), Spotify (here), or your favorite podcast player app.This week we will have some fun with Bloomberg charts as it relates to the crude oil macro. We noted in our The Good, The Bad, and The Misunderstood Amidst Major Macro Cross Currents written post from two weeks ago (here) that crude oil remains a critically important energy source albeit with conflicting cross currents that are both bullish (US shale maturity tailwinds) and bearish...
2025-05-3119 min
Super-Spiked PodcastSuper-Spiked Videopods (EP66): Earnings Season Long Takes: Peak Shale and Power Market CompetitionWATCH the video on Substack by clicking the play button above or on YouTube (here).STREAM audio only on Apple Podcasts (here), Spotify (here), or your favorite podcast player app.We continue our series of “long takes” amidst the macro mess we are slogging through and wanted to hit upon a couple of observations coming out of a surprisingly interesting quarterly earnings season that we think are relevant as corporates and investors think through long-term implications and opportunities. The first comes courtesy of Diamondback Energy: Is US shale oil peaking? And if it is...
2025-05-1020 min
Super-Spiked PodcastSuper-Spiked Videopods (EP64): Long-Takes On A Macro Mess, 1 Week LaterWATCH the video on Substack by clicking the play button above or on YouTube (here).STREAM audio only on Apple Podcasts (here), Spotify (here), or your favorite podcast player app.We will start with an apology to those of you that prefer the written notes but with the Super Vol nature of this tariff trade war and the dramatic market moves, we are going to do another short video. We tried our best to avoid “hot takes” and stick with how to think about what it means for the Energy sector over the long run—i.e...
2025-04-1218 min
Super-Spiked PodcastSuper-Spiked Videopods (EP63): “Long Takes” On Tariff Trade War, OPEC, and a Messy MacroWATCH the video on Substack by clicking the play button above or on YouTube (here).STREAM audio only on Apple Podcasts (here), Spotify (here), or your favorite podcast player app.We had intended to publish a written note this week that we thought had some interesting analysis on energy sub-sector profitability over what we consider to be the 2021-2024 mini-cycle. But President Trump’s April 2 “Liberation Day” Rose Garden event squashed those publication plans. OPEC decided to add to the noise with its own surprise announcement that it would add additional volumes. As of the April...
2025-04-0512 min
Super-Spiked PodcastSuper-Spiked Videopods (EP62): Energy Pragmatism & Climate: Pushback and PerspectivesWATCH the video on Substack by clicking the play button above or on YouTube (here).STREAM audio only on Apple Podcasts (here), Spotify (here), or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.This week's video is a follow up to last week's written post titled "What Does Energy Pragmatism Mean for Climate & Sustainability" (here). We wanted to expand on some of the points in our own voice and also address various questions and pushback we have received.Our key...
2025-03-2929 min
Super-Spiked PodcastSuper-Spiked Videopods (EP61): CERAWeek Takeaways: Pragmatism Meets an Uncertain RealityWATCH the video on Substack by clicking the play button above or on YouTube (here).STREAM audio only on Apple Podcasts (here), Spotify (here), or your favorite podcast player app.This past week we attended CERAWeek by S&P Global in Houston. Pragmatism, balance, and realism have been the themes uttered by just about every single speaker. Some have long been in this camp. Others are new. All are welcomed. We are still embracing inclusivity at Super-Spiked. Some will say we shouldn’t be so forgiving to those people that 5 minutes ago were ca...
2025-03-1524 min
The Trevor Rose Podcast#217: Arjun Murti (Veriten) - The End of the Energy Transition Era & What it Means for InvestorsGreetings, and welcome back to the podcast.This episode we are joined by Mr. Arjun Murti - Partner at Veriten LLC and a Senior Advisor at Warburg Pincus. Mr. Murti has spent over 30 years on Wall Street as a sell-side equity research analyst, buy-side investor, advisor and board member covering the global energy sector. Mr. Murti previously served as a Partner at Goldman Sachs from 2006 to 2014. Prior to becoming Partner, he served as Managing Director from 2003 to 2006 and as Vice President from 1999 to 2003. During his time at Goldman Sachs, Mr...
2025-03-1359 min
Super-Spiked PodcastSuper-Spiked Videopods (EP60): Energy Pragmatism OpportunitiesWATCH the video on Substack by clicking the play button above or on YouTube (here).STREAM audio only on Apple Podcasts (here), Spotify (here), or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.We follow up on last week’s post that heralded The Rise of the Energy Pragmatism Era (here). No more inverting the hierarchy of needs with non-sensical net-zero-is-all-that-matters energy outlooks that would subjugate vast swaths of humanity to ongoing poverty. We have moved into an exciting and even fun ne...
2025-03-0135 min
Super-Spiked PodcastSuper-Spiked Videopods (EP59): Hysteria and The Long-Term Impacts of a Policy FirehoseWATCH the video on Substack by clicking the play button above or on YouTube (here).STREAM audio only on Apple Podcasts (here), Spotify (here), or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.The firehose of news flow out of the new Trump administration since, and frankly preceding, his inauguration has not stopped. While US presidents throughout history seem to elicit strong reactions, President Trump inspires a degree of hysteria from those that oppose him and a do-no-wrong deference from his supporters...
2025-02-1528 min
Super-Spiked PodcastSuper-Spiked Videopods (EP58): DeepSeek, Davos, 45-47WATCH the video on Substack by clicking the play button above or on YouTube (here).STREAM audio only on Apple Podcasts (here), Spotify (here), or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.As long-time Super-Spiked subscribers know, we are not about “hot takes” on the issue of the day. With that said, it’s been an incredible first week and a half since the US inaugurated its 47th president. A fire hose of Trump-driven news has instantly recast global narratives around energy...
2025-02-0122 min
Super-Spiked PodcastSuper-Spiked Videopods (EP57): Super-Spiked Videopods (EP57): Big Questions on our Big Themes for 2025WATCH the video on Substack by clicking the play button above or on YouTube (here).STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.It’s been a great start to the year for the traditional energy and power sectors broadly speaking. This video will publish just two days before we have a new administration here in the U.S. And as we highlighted in our last few Super-Spiked’s from December as well as the...
2025-01-1830 min
Super-Spiked PodcastSuper-Spiked Videopods (EP56): Lessons from The End of the Energy Transition Era: GovernanceWATCH the video on Substack by clicking the play button above on YouTube (here).STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.
We follow up on our written post from last week, Reflections On The End of The Energy Transition Era (here), to talk about important lessons learned from what was an insane period of time. This week will dive into the importance of governance, an area that frankly is often a bit of...
2024-12-1425 min
SmarterMarkets™Inside the Coffeehouse Episode 4 | Arjun Murti, Partner at Veriten & Publisher of "Super-Spiked" on Substack and Jeff Currie, Chief Strategy Officer of Energy Pathways, CarlyleThis holiday weekend on our Inside the Coffeehouse series, we welcome Arjun Murti and Jeff Currie back into the SmarterMarkets™ studio.
Arjun is Partner at Veriten and Publisher of "Super-Spiked" on Substack. Jeff Currie is Chief Strategy Officer of Energy Pathways at Carlyle.
David Greely sits down with Jeff and Arjun, reuniting these two former Goldman partners and colleagues to share their perspectives on the market, economic, and political forces shaping the future of our energy markets.
2024-11-301h 04
Super-Spiked PodcastSuper-Spiked Videopods (EP54): Election Takeaways for the Energy SectorThis week we provide some initial thoughts on the U.S. election, the bulk of which was decisively declared on election night itself. We regularly emphasize that we aim to bring an equity research analyst’s mindset to evaluating the energy sector. That means we are simply trying to make the correct call on what we think will happen—not what we personally wish would happen or hope will happen. And we will do our best to stick with that in this video podcast, though when it comes to emotionally charged topics like elections, we’d have to admit that s...
2024-11-0928 min
Super-Spiked PodcastSuper-Spiked Videopods (EP53): Structural Macro Drivers Transcend ElectionsWATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the GREY button above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.
We recorded this video podcast with a little less than a week to go before the November 5 US elections. We are seeing a lot of punditry commentary about what choosing one side or the other would mean for this...
2024-11-0226 min
Super-Spiked PodcastSuper-Spiked Videopods (EP52): Macro Turmoil and the G-Word (Growth)WATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the GREY button above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.Amidst the geopolitical and macro turmoil, we take a step back this week to turn back to how companies can think about outperformance through all the volatility. One can’t be frozen and simply wait for a calmer or be...
2024-10-1920 min
Super-Spiked PodcastSuper-Spiked Videopods (EP51): Copper, Crude, China, NormalizationWATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the GREY button above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.This week we continue the theme of normalization. The 2020-2023 period of “urgent energy transition,” “peak oil and gas demand,” and ESG hysteria we think is fading. It is being replaced with what we would call “normal” supply/demand/price volati...
2024-10-0520 min
The Wicked Energy PodcastWE106 - Navigating the Complexities of Global Oil Demand and Energy Strategies with Arjun MurtiIn this insightful episode of Wicked Energy with JG, Justin Gauthier sits down with Arjun Murti to delve into the intricacies of global oil demand and the evolving energy landscape. Arjun criticizes extreme political positions on oil and gas, advocating for a balanced approach to energy production and innovation. He sheds light on the governments stance on fracking and the broader implications of U.S. energy policies.
The discussion pivots to China's "all of the above" energy strategy, highlighting their investment in coal, nuclear, natural gas, and renewables to ensure energy security. Arjun provides...
2024-09-2541 min
Super-Spiked PodcastSuper-Spiked Videopods (EP50): Live from St Andrews: 50th VideoPod SpecialWATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the GREY button above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.We are using the occasion of our 50th Super-Spiked video podcast to provide thoughts, lessons learned, and new perspectives gained from the first 49 videopods, 90 written posts, and what is now nearly 3 years of publishing Super-Spiked content. As always, we are especially appreciative of both the positive and constructive feedback from all subscribers; we really do...
2024-09-2112 min
Super-Spiked PodcastSuper-Spiked Videopods (EP49): 30 Years of Perpetual Transition: Geopolitics & PolicyWATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the GREY button above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.This week we provide the third installment of our August series on “30 Years of Perpetual Transition” with a look at a number of noteworthy geopolitical and policy developments that have occurred. A key conclusion is that some events that were...
2024-08-2431 min
Super-Spiked PodcastSuper-Spiked Videopods (EP48): 30 Years of Perpetual Transition: SectorsWATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the GREY button above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.This week we continue our series of "30 Years of Perpetual Transition" with a focus on how various energy sectors and business models have evolved. As a reminder, we recognize the term "energy transition" has become a loaded term, which...
2024-08-1728 min
Money of MineThe Future of Energy with Veteran Analyst Arjun MurtiOn the poddy today we interviewed Arjun Murti, a former head of energy research and partner at Goldman Sachs, who now publishes a Substack called Super-Spiked as well as working at energy research, strategy and investing group Veriten.We covered plenty of ground, including Arjun’s guiding principle on meeting the worlds energy needs, each nation’s focus on energy independence, how cyclical businesses should be financed, the recent spate of M&A in the sector, the changing attitude of banks toward financing traditional energy as well as the attitudes from the investment community.
2024-08-161h 08
Super-Spiked PodcastSuper-Spiked Videopods (EP47): 30 Years of Perpetual Transition: MacroWATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the BLUE button above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.
For the last month of summer, we are aiming to produce a series of hopefully short videos that highlight key lessons from the last 30 years of what we are calling perpetual transition in the energy space with an aim...
2024-08-1021 min
Super-Spiked PodcastSuper-Spiked Videopods (EP46): Finding Common Ground on Energy Policy ChoicesWATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the BLUE button above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.Our Super-Spiked post last week (here) asked the question of “Does the US President’s party matter to energy macro results?” Our over-arching conclusion is that the bark of presidential or party rhetoric is far worse than the bite. Energy...
2024-08-0328 minSmarterMarkets™Summer Playlist 2024 Episode 2 | Arjun Murti, Partner at Veriten & Publisher of “Super-Spiked” on SubstackWe continue our Summer Playlist 2024 this week with Arjun Murti, Partner at Veriten and Publisher of “Super-Spiked” on Substack. David Greely sits down with Arjun to discuss America’s energy independence – and what it will take to maintain America’s energy exceptionalism to help meet rising global demand into a future of lower carbon and more sustainable energy.
2024-07-2039 min
Super-Spiked PodcastSuper-Spiked Videopods (EP45): Can You Trust The United Nations on Energy and Climate?WATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the BLUE button above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.This week we focus on the question “Can you trust the United Nations on energy and climate?” The question is sparked by a “climate change” warning label that YouTube placed on Super-Spiked Episode 37 “Goodbye Europe, Hello Rest of World” (here) that d...
2024-07-2032 min
Super-Spiked PodcastSuper-Spiked Videopods (EP44): American Energy ExceptionalismWATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the BLUE button above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.This week we honor America's upcoming 248th birthday on July 4th, when it declared independence from the King of England, and take a moment to celebrate the country's incredible achievements in the energy sector. As my friend and colleauge...
2024-06-2920 min
Super-Spiked PodcastSuper-Spiked Videopods (EP43): Returns AND Growth With Long-Term BuybacksWATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the BLUE button above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below. We turn back to our favorite topic and that is profitability and the goal of generating superior long-term share price performance. We spend a lot of time discussing ROCE, CROCI, and free cash flow. This week we wanted to...
2024-06-1513 min
Super-Spiked PodcastSuper-Spiked Videopods (EP42): Pushbacks and Random ThoughtsWATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the BLUE button above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.
We are just back from 8 straight days on the road, so this is going to be a short video podcast that touches upon three themes: (1) pushback on our view that the total addressable market (TAM) for oil is at...
2024-05-1817 min
Super-Spiked PodcastSuper-Spiked Videopods (EP41): Oil’s Peak Demand: Everyone Is RichWATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the BLUE button above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.We follow-up to last week’s post Obliterating Peak Oil Demand: A Progress Update (here). Our main issue with the peak oil demand narrative is that it it doesn’t solve for how everyone on Earth will someday enjoy the...
2024-05-0424 min
Super-Spiked PodcastSuper-Spiked Videopods (EP40): CROCI Deep Dive DiscussionWATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the BLUE button above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.
We follow up on last week’s deep post (here) on cash return on gross capital invested (CROCI), which we view as a complementary profitability metric to return on capital employed (ROCE). The videopod starts with the reasons to in...
2024-04-2025 min
Super-Spiked PodcastSuper-Spiked Videopods (EP39): The New Energy Transition NarrativesWATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the BLUE button above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.We spent this past week in Houston attending CERAWeek 2024. It was another great event; thank you and congratulations to everyone at S&P Global for hosting and putting on a great show!Coming out of last year’s...
2024-03-2325 min
Macro VoicesMacroVoices #419 Arjun Murti: Navigating the 2020s Energy Transition LandscapeMacroVoices Erik Townsend & Patrick Ceresna welcome former Goldman Sachs Partner and current Veriton partner, Arjun Murti. Erik and Arjun will discuss Arjun’s outlook for where energy markets are and where they’re headed in the coming energy transition. https://bit.ly/3IzFxxI
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2024-03-141h 06
Super-Spiked PodcastSuper-Spiked Videopods (EP37): Goodbye Europe, Hello Rest of WorldNote: this is republication in order to upload the audio to Apple Podcasts and Spotify.WATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the BLUEbutton above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.We return to our sub-theme of "Goodbye Europe, Hello Rest of World" sparked by Barclay's updated Climate Change Statement (here and here), evidence...
2024-02-1829 min
The Wicked Energy PodcastWE080 - Shifts in the Energy Landscape with Arjun Murti of VeritenIn this electrifying episode, we delve into the heart of the energy sector where Arjun Murti unpacks critical industry insights. Justin and Arjun explore the art of storytelling amidst the digital era's information deluge, highlighting how clarity of message can cut through the noise.
Arjun, from his position at Veriten, offers a front-row seat to the investment community's shifting mindsets and the burgeoning interest in energy. The duo dissects trends in mergers, acquisitions, IPOs, and the crucial role of small-scale companies in fuelling industry success.
Beyond corporate maneuvers, they...
2024-02-071h 01
Super-Spiked PodcastSuper-Spiked Videopods (EP35): Growth, Returns, and Sub-Sector ThemesWATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the BLUEbutton above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.Our first two written posts of 2024 focused on the Big Themes and Tactical Questions we see for the traditional energy sector. In this video we bring those together with an expanded discussion on a number of sub-sectors including the international...
2024-01-2023 min
Fire2Fission Podcast048 Arjun Murti, Partner at VeritenHost Mark Hinaman interviews Arjun Murti, Partner at Veriten. Murti discusses the complexities of energy transition, emphasizing the importance of balancing environmental concerns with the need for reliable and affordable energy. The conversation delves into various topics, including the role of traditional and renewable energy sources, the impact of market dynamics on energy strategies, and the future of energy consumption globally. Murti offers insights into the energy sector's evolution, addressing both challenges and opportunities in achieving sustainable energy solutions.
2023-12-2757 min
Super-Spiked PodcastSuper-Spiked Videopods (EP34): Phasing-In Profitable Growth: 2024 PreviewWATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the BLUEbutton above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.
In what is likely to be our final Super-Spiked for 2023, we provide a 2024 preview with the theme of “phasing-in profitable growth.” In the prior two Super-Spiked posts, we have discussed key takeaways from 2023, including ROCE resilience for traditional energy, the sign...
2023-12-1619 min
Super-Spiked PodcastSuper-Spiked Videopods (EP33): Returns, Risk Taking, and Resetting Valuation HigherWATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the BLUE button above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.This week's video is a follow up to last week’s “Reframing the growth versus returns trade-off debate” post (here). We provide additional perspectives on the opportunity for leading energy companies to narrow, if not close, the large valuation gap th...
2023-11-1822 min
Super-Spiked PodcastSuper-Spiked Videopods (EP32): Energy M&A Q&AWATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the BLUE button above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.
We follow-up on last week's post (here) that dove into our takeaways from recent Super Major M&A activity. We look to address the issues of (1) what is the goal of recent M&A activity; (2) what consensus media or...
2023-11-0418 min
Super-Spiked PodcastSuper-Spiked Videopods (EP31): Geopolitics and Transition TurmoilWATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the BLUE button above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.We focus on the long-term implications to the energy sector of the sharp rise in geopolitical turmoil, especially following the terrorist attack in Israel last weekend, coupled with continued stock market turmoil among past energy transition darlings like Orsted...
2023-10-1425 min
Super-Spiked PodcastSuper-Spiked Videopods (EP30): Profits Over PreachingWATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the BLUE button above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.Our video this week is titled Profits Over Preaching as we look to bring together a number of recent themes and address three interesting questions we have received while attending recent macro/industry events in Italy, Calgary, and New...
2023-09-2327 min
Super-Spiked PodcastWhere Are We In The Cycle...In PicturesWATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the BLUE button above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.This week we stick with the video format to provide an update on “where are we in the cycle” for traditional energy. Key messages:(1) We are still early in a new structural bull phase for ROCE...
2023-08-2622 min
Super-Spiked PodcastSuper-Spiked Videopods (EP28): The End Is Not Near (for Oil...or Gas)WATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the BLUE button above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.
This week's video continues our now month-long series of analyzing the significant long-term growth potential we see for crude oil, which is in sharp contrast to consensus fears that "peak oil demand" is imminent (i.e., within the next 5...
2023-08-1925 minSmarterMarkets™Summer Playlist 2023 Episode 2 | Arjun Murti, Former Head of Equity Research on Energy Sector at Goldman Sachs, Partner at Veriten, & Publisher of “Super-Spiked” on SubstackOur Summer Playlist rolls on this week with Arjun Murti. Arjun is the Former Head of Equity Research on the Energy Sector at Goldman Sachs, a Partner at Veriten, and the publisher of “Super-Spiked” on Substack. SmarterMarkets™ host David Greely catches up with Arjun midway through the year to get his thoughts on where we are in the energy super vol cycle.
2023-07-2932 min
Super-Spiked PodcastSuper-Spiked Videopods (EP27): Is Oil A Sunset Industry? Part 1 - DemandWATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the BLUE button above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.
This week’s video is part 1 (of at least 2) that will address the question of “is oil a sunset industry?” The sunset industry narrative has been driven by concerns about (1) being at or near “peak oil demand” due to so-called...
2023-07-2919 min
Hold These Truths with Dan CrenshawPowering the Future: Why the World Will Need American Energy | Arjun MurtiNorth America holds enough oil and gas reserves to provide cheap, clean, and reliable energy to the rest of the globe for many decades – so why isn't it? Energy analyst Arjun Murti breaks down the key factors at play: capital investors who are wary of uncertain regulatory environments, countries like China and India that won't give up on coal, and a little-known group called the Glasgow Financial Alliance for Net Zero (which is actually implementing all the terrible ideas that groups like World Economic Forum only talk about). Arjun explains how America – through a new Marshall Plan of government and...
2023-07-2255 min
Super-Spiked PodcastSuper-Spiked Videopods (EP26): OPEC, Trading Noise, and Oil Super-CyclesThis week's video brings together our last two written posts that questioned the market's obsession with OPEC noise and short-term inventory changes, especially when contemplating the potential for an oil super-cycle. We observe that inventory movements drive the front-end of the curve, but do not offer insight on the long-term cycle. It is the long-end of the forward that gives the signal as to whether we are in a trading market or a super cycle. So far, it is the former; hence our use of the "Super Vol" rather than "Super Cycle" phraseology.The key to a...
2023-06-2416 min
The Trevor Rose Podcast#131: Arjun Murti (Veriten) - Lessons From 15 Years at Goldman Sachs, Top Quartile Returns & Why There is Opportunity in Canadian EnergyGreetings & welcome back to the rose bros podcast.This episode we are joined by Mr. Arjun Murti - board member at ConocoPhillips, Partner at Veriten LLC, and a Senior Advisor at Warburg Pincus. Mr. Murti previously served as a Partner at Goldman Sachs from 2006 to 2014. Prior to becoming Partner, he served as Managing Director from 2003 to 2006 and as Vice President from 1999 to 2003.During his time at Goldman Sachs, Mr. Murti worked as a sell-side equity research analyst covering the energy sector. He was co-director of equity research for the Ame...
2023-06-2349 min
My Worst Investment Ever PodcastArjun Murti – You’ve Got to Get Out of the Battle At Some PointBIO: Arjun Murti has over 30 years of experience as an equity research analyst, senior advisor, and board member, with global expertise covering traditional oil & gas and new energy technologies.STORY: Arjun made a call that oil prices would quintuple from $20 a barrel in the 90s to $105 in the 2000s and stay there for at least five years. The price averaged $100 a barrel from 2000 to 2014, entirely consistent with Arjun’s call. However, after the 2008 financial crisis, the return on capital in the energy sector started falling. Arjun made excuses and continued to ride the wave all the way do...
2023-06-1940 min
Super-Spiked PodcastSuper-Spiked Videopods (EP25): Revisiting the Role of Oil & Gas in Energy TransitionWATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the BLUE button above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.This week we provide a video update on our views of the appropriate role for oil & gas companies as it relates to so-called “energy transition.” The video is motivated by ongoing commentary, especially from the policy world, as to whet...
2023-06-0323 min
The Wicked Energy PodcastWE045 – MLBA Rule Changes, Defining Balance, and O&G Equity Markets with Arjun Murti, Partner at VeritenIn this insightful episode of Wicked Energy with JG, host Justin sits down with Arjun Murti, Partner at Veriten, to explore various aspects of the energy industry. They delve into Arjun's journey from a high-pressure career at Goldman Sachs to finding work-life balance at other organizations that ultimately led to landing at Veriten, a Houston-based energy research, strategy, and investing firm. The discussion highlights the importance of strong balance sheets for energy companies, especially in the face of reduced capital availability for traditional energy sources like oil and gas.
Arjun shares insights on the...
2023-05-1755 min
Super-Spiked PodcastSuper-Spiked Videopods (EP24): Transitioning The Energy Transition To a Rest of World FocusWATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the BLUE button above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.This week we provide a video update on our view about the need for "energy transition" as a concept to itself transition to one that is focused on meeting the energy supply needs of the 7 billion people that live...
2023-05-0619 min
Canadian Equities by Acumen Capital PartnersArjun Murti - VeritenArjun Murti is a Partner at Veriten, a knowledge and media platform with a focus on energy, technology and environmental trends. In this episode we discuss trends in the energy sector, transition, ESG and the "Super Vol" macro environment.For additional episodes of the Canadian Equities podcast connect with us at acumencapital.com/podcast.
2023-04-2243 min
Super-Spiked PodcastSuper-Spiked Videopods (EP23): Where Are We In The CycleWATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the BLUE button above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.This week we present an update on "Where Are We In The Energy Cycle" with a focus on (1) sector profitability; (2) financing for traditional energy; and (3) the need to “extend the runway” by which companies can generate advantaged returns and shar...
2023-04-1519 min
Always Be Building#176: Super Spiked - Arjun MurtiThis episode's guest is Arjun Murti, the host of the Super Spiked podcast and partner at Veriten. Arjun spent the first 15 years of his career at Goldman Sachs and worked his way to becoming a Partner. Then he decided to take time off to pursue his personal interests and spend time with his family. Arjun recently got back into the game joining the team over at Veriten, and he has also been putting out some very high quality energy content with his podcast and YouTube videos. This episode we discuss what is really hap...
2023-03-301h 07
Super-Spiked PodcastSuper-Spiked Videopods (EP22): Risk Taking in the Age of Transition-Driven AusterityWATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the BLUE button above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.This week's Super-Spiked video podcast is a discussion on risk taking and future capital availability for traditional energy companies of all shapes and sizes. If you are a public company, we appreciate that it is really difficult to buck...
2023-03-1823 min
Super-Spiked PodcastSuper-Spiked Videopods (EP21): Respect Your Elders: Lessons from King Coal for Oil & GasWATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the BLUE button above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.A videopod that captures the last 3 written posts on Super-Spiked and what can be learned from the global coal sector when evaluating strategies and investments in oil and gas.🔔 3 Ways to Subscribe* All Content: If you...
2023-02-1825 min
Super-Spiked PodcastSuper-Spiked Videopods (EP20): Free money bubble stocks, EV hockey sticks, and oil demandWATCH the video on YouTube by clicking the RED button above.LISTEN to audio only via the Substack player by clicking the BLUE button above.STREAM audio only on Apple Podcasts, Spotify, or your favorite podcast player app.DOWNLOAD a pdf of the slide deck by clicking the blue Download button below.This is part 2 of the videopod series that dives into my January 1, 2023 post, Five Big Questions At The Start of 2023. I look to answer the question: What does Tesla’s valuation correction mean for EV growth projections?* Fi...
2023-01-1422 minSmarterMarkets™Energy Investing in 2023 | Arjun Murti, Former Head of Energy Equity Research at Goldman Sachs and Publisher of “Super-Spiked” on SubstackWe kick off the new year with Arjun Murti, the Former Head of Energy Equity Research at Goldman Sachs and the Publisher of “Super-Spiked” on Substack. SmarterMarkets™ host David Greely sits down with Arjun to discuss some of the big issues facing energy investors in 2023.
2023-01-0740 min
Super-Spiked PodcastSuper-Spiked Videopods (EP19): Diving in on 5 Big Questions for 2023, Part 1A deep dive into question #1 of my “Five Big Questions At The Start of 2023”, which was how to think about ROCE volatility in the short-term versus the longer-term structural ROCE upcycle I believe is unfolding.A pdf of the slide deck used in the video can be downloaded from the link below and a link to last week’s written post follows.🔔 3 Ways to Subscribe* All Content: If you subscribe to Super-Spiked via email, you will receive all content to your inbox and it is also all on the Super-Spiked website. I have been aimi...
2023-01-0717 min
Super-Spiked PodcastSuper-Spiked Videopods (EP18): Are We At Peak Energy? (Spoiler: Not even close)In this video I address the age-old question: “Are we at peak for traditional energy?” This is a question always asked after seemingly every rally irrespective of the broader backdrop: structural bull, structural bear, cyclical or seasonal rally. If you want to skip the 17 minute video, the short answer (SPOILER ALERT) is “No, I do not believe we are anywhere near the peak of the structural energy upcycle.” I would also like to wish everyone a Happy Holiday season. This will likely be the last Super-Spiked post for 2022. See you in 2023!!!🔔 3 Ways to Subscribe* All Con...
2022-12-1717 min
Super-Spiked PodcastSuper-Spiked Videopods (EP17): Attracting Capital Back to Traditional EnergyA discussion on attracting capital flows back to traditional energy, which I believe is critically needed if we are ever to move to a healthier energy evolution era from the messy energy transition quagmire we find ourselves in.Note: I have started publishing the Videopods on my YouTube channel the day before Super-Spiked is published given the need to copy the link from the YouTube feed into Super-Spiked.🔔 3 Ways to Subscribe* All Content: If you subscribe to Super-Spiked via email, you will receive all content to your inbox and it is also all on...
2022-11-2617 min
Super-Spiked PodcastSuper-Spiked Videopods (EP16): Policy and “Climate Action” MadnessA framework for investors and Oil & Gas companies in navigating the madness that is US/Canada/EU energy public policy and so-called “climate actions”. I also take a look at “anti-woke ESG” funds, which I don’t think is the answer to the issues with virtue-signaling ESG.🔔 3 Ways to Subscribe* All Content: If you subscribe to Super-Spiked via email, you will receive all content to your inbox and it is also all on the Super-Spiked website. I have been aiming to publish about once a week, usually on Saturday.Subscribe to Super-Spiked to receive al...
2022-10-2927 min
The Wicked Energy PodcastWE019 – Dallas Cowboys and Clean Canadian Barrels for Energy’s Future with Arjun Murti, Senior Advisor, Director, and Content CreatorIn this episode of Wicked Energy with JG, Justin sits down with Arjun Murti, Senior Advisor, Director, and Content Creator for the energy industry. Arjun has 30+ years as an equity research analyst with global experience covering oil & gas E&P, midstream, and refining, clean & new energy technologies, geopolitics, and energy & climate policy. Justin brings on Arjun after hearing his take on a Twitter space discussing the importance of Canadian Oil and Gas. During the episode, Arjun shares his take and perspective on why Canada arguably has some of the cleanest barrels in the world and i...
2022-10-2453 min
Super-Spiked PodcastSuper-Spiked Videopods (EP15): WWLRD: Lee Raymond and Energy TransitionA follow-up on last week's post discussing former Exxon CEO Lee Raymond's unique approach to leadership and ensuring Exxon was a dominant S&P 500 leader during his tenure. What Would Lee Raymond Do in the messy energy transition era we currently are in? Click on the blue button above to hear the audio only in the Substack player or double click on the red button to watch the YouTube video version. 🔔 3 Ways to Subscribe* All Content: If you subscribe to Super-Spiked via email, you will receive all content to your inbox and it is also all...
2022-10-0826 min
Super-Spiked PodcastSuper-Spiked Videopods (EP14): Virtuous and vicious cyclesThis week’s Super-Spiked Videopod examines the interplay between the various themes I have been highlighting in Super-Spiked and how they reinforce or counter-act one another, driving both virtuous and vicious cycles depending on one’s perspective and how the themes play out. For audio only, please click on the play button on the Substack player or listen on Apple Podcasts or Spotify (links below). For the video presentation, please click on the YouTube play button above or go to my YouTube channel to watch (link below).🔔 3 Ways to Subscribe* All Content: If you subscribe to Supe...
2022-09-1719 min
Super-Spiked PodcastSuper-Spiked Videopods (EP13): When Markets Break: Oil Super-Spike July 2008This is the audio from my appearance on the Smarter Markets podcast published August 27, 2022. It was hosted by David Greely, a former Goldman Sachs colleague and current senior economic advisor at Abaxx Technologies. You can listen by pressing play in the Substack media player directly above or you can find the links to listen on Apple podcasts, Spotify, and on my YouTube channel (links below).There will be no Super-Spiked published over Labor Day weekend. See you in two weeks and hope to give everyone a real time update on the European energy crisis, Lexus Holes in 1...
2022-08-2744 minSmarterMarkets™When Markets Break Episode 3 | Arjun Murti, Former Head of Energy Equity Research, Goldman SachsTo close out our When Markets Break series, SmarterMarkets host David Greely sits down with Arjun Murti, the Former Head of Energy Equity Research at Goldman Sachs and the publisher of Super-Spiked on Substack. David and Arjun discuss the July 2008 spike in WTI crude oil prices to a record high of $147 a barrel and their subsequent collapse.
2022-08-2744 min
Super-Spiked PodcastSuper-Spiked Videopods (EP12): The Role of Canadian Energy w/ @ArjunNMurtiThis week’s videopod was originally recorded on Twitter Spaces on August 7, 2022, where I joined #COM to discuss my outlook for Canadian energy. It is an audio only recording, but I have included the YouTube link in case you prefer it to the Substack player.Speakers (in order of appearance):* Sohaib Abbas@sohaibab9* Arjun⚡️Murti @ArjunNMurti* Mark Skittle🇨🇦@BJamz2022* Alberta, PhD (Poor/Poorer)@Albertagarbage* David Heikkinen@heik_energy* William Lacey@William390091430:00: Welcome and introduction by @sohaibab92:15: Introductory comments by @ArjunNMurti focused on why I sta...
2022-08-131h 43
Super-Spiked PodcastSuper-Spiked Videopods (EP11): Super Vol Mindset, Part 2⚖️ DisclaimerI certify that these are my personal, strongly held views at the time of this post. My views are my own and not attributable to any affiliation, past or present. This is not an investment newsletter and there is no financial advice explicitly or implicitly provided here. My views can and will change in the future as warranted by updated analyses and developments. Some of my comments are made in jest for entertainment purposes; I sincerely mean no offense to anyone that takes issue.🔔 3 Ways to Subscribe* All Content: If you subscribe to Supe...
2022-07-1619 min
Super-Spiked PodcastSuper-Spiked Videopods (EP10): Super Vol Mindset for the Long Run⚖️ DisclaimerI certify that these are my personal, strongly held views at the time of this post. My views are my own and not attributable to any affiliation, past or present. This is not an investment newsletter and there is no financial advice explicitly or implicitly provided here. My views can and will change in the future as warranted by updated analyses and developments. Some of my comments are made in jest for entertainment purposes; I sincerely mean no offense to anyone that takes issue.🔔 3 Ways to Subscribe* All Content: If you subscribe to Supe...
2022-07-0920 min
Super-Spiked PodcastSuper-Spiked Videopods (EP9): Proxy Wars - Banks & ClimateBank Proxy Statements and IEA Net Zero ReportPlease find below links to the referenced 2022 proxy statements for the banks mentioned in the videopod. Shareholder resolutions are toward the end of the proxies.* Bank of America: link to 2022 proxy* Citigroup: link to 2022 proxy* Goldman Sachs: link to 2022 proxy* JP Morgan: link to 2022 proxy* Wells Fargo: link to 2022 proxyAll five proxies make reference to the IEA’s report, Net Zero by 2050: A Roadmap for the Global Energy Sector: link to report⚖️ DisclaimerI ce...
2022-05-1427 min
Super-Spiked PodcastSuper-Spiked Videopods (EP8): Live from St AndrewsA 9 minute live update and videopod from the Home of Golf and site of the 150th Open Championship in July. Nine points to match my handicap index to highlight some of the key takeaways from this trip and recent research. And on the handicap, I started playing golf when I stopped at Goldman in 2014. I am happy with the progress I have made. Back to energy, nine takeaways:* First, as an American, thank goodness for the combination of US shale oil and gas as well as Canadian energy production. We are balanced in supply/demand...
2022-05-0709 min
Super-Spiked PodcastSuper-Spiked Videopods (EP7): The New Energy Crisis EraA 23 minute video that discusses how we have moved from what was a messy energy transition environment pre-Ukraine to a now full blow energy crisis era post Ukraine, catalyzed by Russia moving to pariah state status. US shale accounted for 70% of global oil supply growth last decade, but faces significant pressures to not grow as fast this coming decade from a combination of traditional investors due to poor historic ROCE, ESG investors focused on energy transition, and current US government policy that is obsessed with virtue signaling about the climate portion of energy and climate policies.
2022-04-1623 min
Super-Spiked PodcastSuper-Spiked Videopods (EP6): Progress! (Rhetorically Speaking)A 4.5 minute intra-week videopod to highlight the notable rhetorical shift from various politicians and “climate only” types that are increasingly calling for more US shale and today, incredibly, more Canadian oil. We need more good barrels and fewer bad barrels.⚖️ DisclaimerI certify that these are my personal, strongly held views at the time of this post. My views are my own and not attributable to any affiliation, past or present. This is not an investment newsletter and there is no financial advice explicitly or implicitly provided here. My views can and will change in the futu...
2022-04-0504 min
Super-Spiked PodcastSuper-Spiked Videopods (EP5): Energizing BitcoinMy apologies for all the background noise, but it was recorded live on location at 8th Wonder Brewery in Houston where the event was held.The intersection of crypto, bitcoin, and Web 3.0 with energy markets, both traditional and low-carbon, is a general topic area I am in the process of ramping up on. Toward that end, I attended the Digital Wildcatter's EMPOWER: Energizing Bitcoin conference at Houston's 8th Wonder Brewery on March 30-31. Casual dress, a brewery, a "Beetles" stage, bitcoin mining demonstration projects, and free bottled water helped create an excellent learning environment (for the record...
2022-04-0202 min
C.O.B. Tuesday"Saying It's Better Than Coal Isn't Good Enough" - A Discussion with Arjun MurtiIt's CERAWeek in Houston and we are thrilled to be back in person visiting with great minds in the energy universe. We have a special guest and good friend joining us for this week's session: Arjun Murti, Author of Super-Spiked, Board Member and PE Senior Advisor. Arjun is a seasoned energy expert and has spent his 30-year career researching and analyzing global energy markets. We had much to discuss!First, we touched on Arjun's recent piece, "Energy Security and the Case for Canada." Arjun provided background on his inspiration to launch his platform, Super-Spiked, and what he...
2022-03-0957 min
Super-Spiked PodcastSuper-Spiked Videopods (EP4): Macro CommentaryGiven fast moving developments due to the Russia-Ukraine conflict, I am departing from my normal weekend update routine to provide this short intra-week video macro commentary. For the foreseeable future, I will aim to provide more frequent interim updates, as needed, to go along with the regular weekend posts.For full video, double click on video play button below or use this link to watch on YouTube.For audio only, press the black play button above.3 Ways to Subscribe* All Content: If you subscribe to Super-Spiked via email, you will receive...
2022-03-0806 min
Super-Spiked PodcastSuper-Spiked Videopods (EP3): Super Vol vs Super-CycleFor full video, double click on video play button below or use this link to watch on YouTube.For audio only, press the black play button above.3 Ways to Subscribe* All Content: If you subscribe to Super-Spiked via email, you will receive all content to your inbox and it is also all on the Super-Spiked website. I have been aiming to publish about once a week, usually on Saturday or Sunday.Enter your email to receive all Super-Spiked content directly to your inbox.* YouTube channel for video...
2022-02-2626 min
Super-Spiked PodcastSuper-Spiked Videopods (EP2): ESG 2.0 & Energy Transition FrameworkSuper-Spiked YouTube link (click the link to the left or double click on video below or audio only is above)You can subscribe directly to the audio only feed of the Super-Spiked Podcast on Apple Podcasts, Spotify or your favorite podcast player app.You can subscribe directly to the Super-Spiked by Arjun Murti video feed on my YouTube channel.DisclaimerI certify that these are my personal, strongly held views at the time of this post. My views are my own and not attributable to any affiliation, past or present. This...
2022-01-2933 min
Super-Spiked PodcastSuper-Spiked Videopods (EP1): ROCE Deep DiveYouTube videoSuper-Spiked YouTube link (click this link to the left)Subscribe to Super-Spiked Videopods* Audio podcast: You can subscribe directly to the audio only feed of the Super-Spiked Podcast on Apple Podcasts, Spotify or your favorite podcast player app.* YouTube: You can subscribe directly to the video feed on my YouTube channel.Exhibits referenced in this episodeROCE Deep Dive Post #3DisclaimerI certify that these are my personal, strongly held views at the time of this post. My views are my...
2022-01-0212 min
Super-Spiked PodcastSuper-Spiked PodcastPlease find episode 3 of the Super-Spiked Podcast, now available on Apple Podcasts, Spotify or your favorite podcast player app.In episode 3, I focus on highlights of the post, Dumb Calls I Made As A Street Analyst, Post #1: OXY post the March 2000 Altura Energy acquisition.Exhibits referenced in this podcast This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit arjunmurti.substack.com
2021-12-2210 min
Super-Spiked PodcastSuper-Spiked PodcastPlease find episode 2 of the Super-Spiked Podcast. Super-Spiked Podcast is now available on Apple Podcasts, Spotify or your favorite podcast player app.In episode 2, I focus on key highlights of the 2nd ROCE Deep Dive post, From Fake Well IRRs and Capital Surplus to ROCE and Capital Discipline.Exhibits referenced in this podcast This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit arjunmurti.substack.com
2021-12-1511 min
Super-Spiked PodcastSuper-Spiked PodcastPlease find my inaugural voice memo explainer of my December 7, 2021 post, From Not-For-Profit to a New ROCE Super-Cycle (link to full note below). I reference Exhibits 1, 2 and 6, which I have also copied below. Clicking the “play” button will take you to the weblink where you can listen. My apologies that at the time of publication, I am not yet set-up for this to appear in popular podcast apps. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit arjunmurti.substack.com
2021-12-0806 minSmarterMarkets™Roadmap to Renewable Energy Episode 2 | Arjun Murti Takes a Macro Look at the Path to Renewable EnergyOn the second of a three-part series on the great energy transition, co-host Todd Buchholz, former Director of Economic Policy at the White House, sits down with renowned energy macro and equity analyst, Arjun Murti.
2021-05-081h 06