{"id":23263,"date":"2023-02-01T08:00:14","date_gmt":"2023-02-01T08:00:14","guid":{"rendered":"https:\/\/resourceinsider.com\/?p=23263"},"modified":"2023-05-24T20:18:44","modified_gmt":"2023-05-24T20:18:44","slug":"og-royalties","status":"publish","type":"post","link":"https:\/\/resourceinsider.com\/og-royalties\/","title":{"rendered":"The Case for Oil &#038; Gas Royalties"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"23263\" class=\"elementor elementor-23263\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<header class=\"elementor-section elementor-top-section elementor-element elementor-element-dcea1cf elementor-section-full_width elementor-section-height-min-height elementor-section-stretched elementor-section-height-default elementor-section-items-middle\" data-id=\"dcea1cf\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;sticky&quot;:&quot;top&quot;,&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;sticky_on&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;],&quot;sticky_offset&quot;:0,&quot;sticky_effects_offset&quot;:0}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-25 elementor-top-column elementor-element elementor-element-f3ad06c\" data-id=\"f3ad06c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-61c3249 elementor-widget__width-initial elementor-widget-tablet__width-initial elementor-widget-mobile__width-initial elementor-widget elementor-widget-image\" data-id=\"61c3249\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.20.0 - 13-03-2024 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/resourceinsider.com\">\n\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"400\" height=\"128\" src=\"https:\/\/resourceinsider.com\/wp-content\/uploads\/2020\/05\/RI-LOGO-400x128-1.png\" class=\"attachment-full size-full wp-image-753\" alt=\"Resource Insider\" srcset=\"https:\/\/resourceinsider.com\/wp-content\/uploads\/2020\/05\/RI-LOGO-400x128-1.png 400w, https:\/\/resourceinsider.com\/wp-content\/uploads\/2020\/05\/RI-LOGO-400x128-1-300x96.png 300w\" sizes=\"(max-width: 400px) 100vw, 400px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-25 elementor-top-column elementor-element elementor-element-778a4dc\" data-id=\"778a4dc\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cf023fb elementor-nav-menu__align-center elementor-widget__width-initial elementor-nav-menu--stretch elementor-nav-menu__text-align-center elementor-widget-tablet__width-initial elementor-nav-menu--dropdown-tablet elementor-nav-menu--toggle elementor-nav-menu--burger elementor-widget elementor-widget-nav-menu\" data-id=\"cf023fb\" data-element_type=\"widget\" data-settings=\"{&quot;full_width&quot;:&quot;stretch&quot;,&quot;layout&quot;:&quot;horizontal&quot;,&quot;submenu_icon&quot;:{&quot;value&quot;:&quot;&lt;svg class=\\&quot;e-font-icon-svg e-fas-caret-down\\&quot; viewBox=\\&quot;0 0 320 512\\&quot; xmlns=\\&quot;http:\\\/\\\/www.w3.org\\\/2000\\\/svg\\&quot;&gt;&lt;path d=\\&quot;M31.3 192h257.3c17.8 0 26.7 21.5 14.1 34.1L174.1 354.8c-7.8 7.8-20.5 7.8-28.3 0L17.2 226.1C4.6 213.5 13.5 192 31.3 192z\\&quot;&gt;&lt;\\\/path&gt;&lt;\\\/svg&gt;&quot;,&quot;library&quot;:&quot;fa-solid&quot;},&quot;toggle&quot;:&quot;burger&quot;}\" data-widget_type=\"nav-menu.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<link rel=\"stylesheet\" href=\"https:\/\/resourceinsider.com\/wp-content\/plugins\/elementor-pro\/assets\/css\/widget-nav-menu.min.css\">\t\t\t<nav class=\"elementor-nav-menu--main elementor-nav-menu__container elementor-nav-menu--layout-horizontal e--pointer-none\">\n\t\t\t\t<ul id=\"menu-1-cf023fb\" class=\"elementor-nav-menu\"><li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-730\"><a class=\"elementor-item elementor-item-anchor\" href=\"#how-it-works\" itemprop=\"url\">How It Works<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-731\"><a class=\"elementor-item elementor-item-anchor\" href=\"#testimonials\" itemprop=\"url\">Testimonials<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-736\"><a class=\"elementor-item elementor-item-anchor\" href=\"#FAQ\" itemprop=\"url\">FAQ<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-732\"><a class=\"elementor-item elementor-item-anchor\" href=\"#free-RI-list\" itemprop=\"url\">Free Signup<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-23010\"><a class=\"elementor-item\" href=\"https:\/\/resourceinsider.com\/blog\/\" itemprop=\"url\">Blog<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-20858\"><a class=\"elementor-item\" href=\"https:\/\/resourceinsider.com\/login\/\" itemprop=\"url\">Member Login<\/a><\/li>\n<\/ul>\t\t\t<\/nav>\n\t\t\t\t\t<div class=\"elementor-menu-toggle\" role=\"button\" tabindex=\"0\" aria-label=\"Menu Toggle\" aria-expanded=\"false\">\n\t\t\t<svg aria-hidden=\"true\" role=\"presentation\" class=\"elementor-menu-toggle__icon--open e-font-icon-svg e-eicon-menu-bar\" viewBox=\"0 0 1000 1000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M104 333H896C929 333 958 304 958 271S929 208 896 208H104C71 208 42 237 42 271S71 333 104 333ZM104 583H896C929 583 958 554 958 521S929 458 896 458H104C71 458 42 487 42 521S71 583 104 583ZM104 833H896C929 833 958 804 958 771S929 708 896 708H104C71 708 42 737 42 771S71 833 104 833Z\"><\/path><\/svg><svg aria-hidden=\"true\" role=\"presentation\" class=\"elementor-menu-toggle__icon--close e-font-icon-svg e-eicon-close\" viewBox=\"0 0 1000 1000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M742 167L500 408 258 167C246 154 233 150 217 150 196 150 179 158 167 167 154 179 150 196 150 212 150 229 154 242 171 254L408 500 167 742C138 771 138 800 167 829 196 858 225 858 254 829L496 587 738 829C750 842 767 846 783 846 800 846 817 842 829 829 842 817 846 804 846 783 846 767 842 750 829 737L588 500 833 258C863 229 863 200 833 171 804 137 775 137 742 167Z\"><\/path><\/svg>\t\t\t<span class=\"elementor-screen-only\">Menu<\/span>\n\t\t<\/div>\n\t\t\t\t\t<nav class=\"elementor-nav-menu--dropdown elementor-nav-menu__container\" aria-hidden=\"true\">\n\t\t\t\t<ul id=\"menu-2-cf023fb\" class=\"elementor-nav-menu\"><li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-730\"><a class=\"elementor-item elementor-item-anchor\" href=\"#how-it-works\" itemprop=\"url\" tabindex=\"-1\">How It Works<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-731\"><a class=\"elementor-item elementor-item-anchor\" href=\"#testimonials\" itemprop=\"url\" tabindex=\"-1\">Testimonials<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-736\"><a class=\"elementor-item elementor-item-anchor\" href=\"#FAQ\" itemprop=\"url\" tabindex=\"-1\">FAQ<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-732\"><a class=\"elementor-item elementor-item-anchor\" href=\"#free-RI-list\" itemprop=\"url\" tabindex=\"-1\">Free Signup<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-23010\"><a class=\"elementor-item\" href=\"https:\/\/resourceinsider.com\/blog\/\" itemprop=\"url\" tabindex=\"-1\">Blog<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-20858\"><a class=\"elementor-item\" href=\"https:\/\/resourceinsider.com\/login\/\" itemprop=\"url\" tabindex=\"-1\">Member Login<\/a><\/li>\n<\/ul>\t\t\t<\/nav>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-254d113 elementor-hidden-phone\" data-id=\"254d113\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a24fb29 elementor-widget__width-auto elementor-hidden-tablet elementor-hidden-phone elementor-shape-rounded elementor-grid-0 e-grid-align-center elementor-widget elementor-widget-social-icons\" data-id=\"a24fb29\" data-element_type=\"widget\" data-widget_type=\"social-icons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.20.0 - 13-03-2024 *\/\n.elementor-widget-social-icons.elementor-grid-0 .elementor-widget-container,.elementor-widget-social-icons.elementor-grid-mobile-0 .elementor-widget-container,.elementor-widget-social-icons.elementor-grid-tablet-0 .elementor-widget-container{line-height:1;font-size:0}.elementor-widget-social-icons:not(.elementor-grid-0):not(.elementor-grid-tablet-0):not(.elementor-grid-mobile-0) .elementor-grid{display:inline-grid}.elementor-widget-social-icons .elementor-grid{grid-column-gap:var(--grid-column-gap,5px);grid-row-gap:var(--grid-row-gap,5px);grid-template-columns:var(--grid-template-columns);justify-content:var(--justify-content,center);justify-items:var(--justify-content,center)}.elementor-icon.elementor-social-icon{font-size:var(--icon-size,25px);line-height:var(--icon-size,25px);width:calc(var(--icon-size, 25px) + 2 * var(--icon-padding, .5em));height:calc(var(--icon-size, 25px) + 2 * var(--icon-padding, .5em))}.elementor-social-icon{--e-social-icon-icon-color:#fff;display:inline-flex;background-color:#69727d;align-items:center;justify-content:center;text-align:center;cursor:pointer}.elementor-social-icon i{color:var(--e-social-icon-icon-color)}.elementor-social-icon svg{fill:var(--e-social-icon-icon-color)}.elementor-social-icon:last-child{margin:0}.elementor-social-icon:hover{opacity:.9;color:#fff}.elementor-social-icon-android{background-color:#a4c639}.elementor-social-icon-apple{background-color:#999}.elementor-social-icon-behance{background-color:#1769ff}.elementor-social-icon-bitbucket{background-color:#205081}.elementor-social-icon-codepen{background-color:#000}.elementor-social-icon-delicious{background-color:#39f}.elementor-social-icon-deviantart{background-color:#05cc47}.elementor-social-icon-digg{background-color:#005be2}.elementor-social-icon-dribbble{background-color:#ea4c89}.elementor-social-icon-elementor{background-color:#d30c5c}.elementor-social-icon-envelope{background-color:#ea4335}.elementor-social-icon-facebook,.elementor-social-icon-facebook-f{background-color:#3b5998}.elementor-social-icon-flickr{background-color:#0063dc}.elementor-social-icon-foursquare{background-color:#2d5be3}.elementor-social-icon-free-code-camp,.elementor-social-icon-freecodecamp{background-color:#006400}.elementor-social-icon-github{background-color:#333}.elementor-social-icon-gitlab{background-color:#e24329}.elementor-social-icon-globe{background-color:#69727d}.elementor-social-icon-google-plus,.elementor-social-icon-google-plus-g{background-color:#dd4b39}.elementor-social-icon-houzz{background-color:#7ac142}.elementor-social-icon-instagram{background-color:#262626}.elementor-social-icon-jsfiddle{background-color:#487aa2}.elementor-social-icon-link{background-color:#818a91}.elementor-social-icon-linkedin,.elementor-social-icon-linkedin-in{background-color:#0077b5}.elementor-social-icon-medium{background-color:#00ab6b}.elementor-social-icon-meetup{background-color:#ec1c40}.elementor-social-icon-mixcloud{background-color:#273a4b}.elementor-social-icon-odnoklassniki{background-color:#f4731c}.elementor-social-icon-pinterest{background-color:#bd081c}.elementor-social-icon-product-hunt{background-color:#da552f}.elementor-social-icon-reddit{background-color:#ff4500}.elementor-social-icon-rss{background-color:#f26522}.elementor-social-icon-shopping-cart{background-color:#4caf50}.elementor-social-icon-skype{background-color:#00aff0}.elementor-social-icon-slideshare{background-color:#0077b5}.elementor-social-icon-snapchat{background-color:#fffc00}.elementor-social-icon-soundcloud{background-color:#f80}.elementor-social-icon-spotify{background-color:#2ebd59}.elementor-social-icon-stack-overflow{background-color:#fe7a15}.elementor-social-icon-steam{background-color:#00adee}.elementor-social-icon-stumbleupon{background-color:#eb4924}.elementor-social-icon-telegram{background-color:#2ca5e0}.elementor-social-icon-threads{background-color:#000}.elementor-social-icon-thumb-tack{background-color:#1aa1d8}.elementor-social-icon-tripadvisor{background-color:#589442}.elementor-social-icon-tumblr{background-color:#35465c}.elementor-social-icon-twitch{background-color:#6441a5}.elementor-social-icon-twitter{background-color:#1da1f2}.elementor-social-icon-viber{background-color:#665cac}.elementor-social-icon-vimeo{background-color:#1ab7ea}.elementor-social-icon-vk{background-color:#45668e}.elementor-social-icon-weibo{background-color:#dd2430}.elementor-social-icon-weixin{background-color:#31a918}.elementor-social-icon-whatsapp{background-color:#25d366}.elementor-social-icon-wordpress{background-color:#21759b}.elementor-social-icon-x-twitter{background-color:#000}.elementor-social-icon-xing{background-color:#026466}.elementor-social-icon-yelp{background-color:#af0606}.elementor-social-icon-youtube{background-color:#cd201f}.elementor-social-icon-500px{background-color:#0099e5}.elementor-shape-rounded .elementor-icon.elementor-social-icon{border-radius:10%}.elementor-shape-circle .elementor-icon.elementor-social-icon{border-radius:50%}<\/style>\t\t<div class=\"elementor-social-icons-wrapper elementor-grid\">\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-youtube elementor-repeater-item-01265f6\" href=\"https:\/\/www.youtube.com\/channel\/UC_njmAj3pzvr8JvkW8yjoaA\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Youtube<\/span>\n\t\t\t\t\t\t<svg class=\"e-font-icon-svg e-fab-youtube\" viewBox=\"0 0 576 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M549.655 124.083c-6.281-23.65-24.787-42.276-48.284-48.597C458.781 64 288 64 288 64S117.22 64 74.629 75.486c-23.497 6.322-42.003 24.947-48.284 48.597-11.412 42.867-11.412 132.305-11.412 132.305s0 89.438 11.412 132.305c6.281 23.65 24.787 41.5 48.284 47.821C117.22 448 288 448 288 448s170.78 0 213.371-11.486c23.497-6.321 42.003-24.171 48.284-47.821 11.412-42.867 11.412-132.305 11.412-132.305s0-89.438-11.412-132.305zm-317.51 213.508V175.185l142.739 81.205-142.739 81.201z\"><\/path><\/svg>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-twitter elementor-repeater-item-c97bc5f\" href=\"https:\/\/twitter.com\/Jamie_Keech\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Twitter<\/span>\n\t\t\t\t\t\t<svg class=\"e-font-icon-svg e-fab-twitter\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M459.37 151.716c.325 4.548.325 9.097.325 13.645 0 138.72-105.583 298.558-298.558 298.558-59.452 0-114.68-17.219-161.137-47.106 8.447.974 16.568 1.299 25.34 1.299 49.055 0 94.213-16.568 130.274-44.832-46.132-.975-84.792-31.188-98.112-72.772 6.498.974 12.995 1.624 19.818 1.624 9.421 0 18.843-1.3 27.614-3.573-48.081-9.747-84.143-51.98-84.143-102.985v-1.299c13.969 7.797 30.214 12.67 47.431 13.319-28.264-18.843-46.781-51.005-46.781-87.391 0-19.492 5.197-37.36 14.294-52.954 51.655 63.675 129.3 105.258 216.365 109.807-1.624-7.797-2.599-15.918-2.599-24.04 0-57.828 46.782-104.934 104.934-104.934 30.213 0 57.502 12.67 76.67 33.137 23.715-4.548 46.456-13.32 66.599-25.34-7.798 24.366-24.366 44.833-46.132 57.827 21.117-2.273 41.584-8.122 60.426-16.243-14.292 20.791-32.161 39.308-52.628 54.253z\"><\/path><\/svg>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e34e80c elementor-widget__width-auto elementor-hidden-phone elementor-widget elementor-widget-button\" data-id=\"e34e80c\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/resourceinsider.com\/membership\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">JOIN NOW<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/header>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c6388fe elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c6388fe\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-337bfe8\" data-id=\"337bfe8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3a46a2a elementor-widget elementor-widget-spacer\" data-id=\"3a46a2a\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.20.0 - 13-03-2024 *\/\n.elementor-column .elementor-spacer-inner{height:var(--spacer-size)}.e-con{--container-widget-width:100%}.e-con-inner>.elementor-widget-spacer,.e-con>.elementor-widget-spacer{width:var(--container-widget-width,var(--spacer-size));--align-self:var(--container-widget-align-self,initial);--flex-shrink:0}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container,.e-con>.elementor-widget-spacer>.elementor-widget-container{height:100%;width:100%}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer,.e-con>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer{height:100%}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner,.e-con>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner{height:var(--container-widget-height,var(--spacer-size))}.e-con-inner>.elementor-widget-spacer.elementor-widget-empty,.e-con>.elementor-widget-spacer.elementor-widget-empty{position:relative;min-height:22px;min-width:22px}.e-con-inner>.elementor-widget-spacer.elementor-widget-empty .elementor-widget-empty-icon,.e-con>.elementor-widget-spacer.elementor-widget-empty .elementor-widget-empty-icon{position:absolute;top:0;bottom:0;left:0;right:0;margin:auto;padding:0;width:22px;height:22px}<\/style>\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1864bfa elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1864bfa\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-37f3f56\" data-id=\"37f3f56\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ce4cd35 elementor-widget elementor-widget-text-editor\" data-id=\"ce4cd35\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.20.0 - 13-03-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<h1>The Case for Oil &amp; Gas Royalties\u00a0<\/h1>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cac543c elementor-widget elementor-widget-text-editor\" data-id=\"cac543c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">I recently invested into American Oil and Gas royalties<\/span><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Here&#8217;s why:<\/span><\/p>\n<ul style=\"box-sizing: border-box; margin-top: 0px; margin-bottom: 0px; padding-inline-start: 48px;\">\n<li dir=\"ltr\" style=\"box-sizing: border-box; list-style-type: disc; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre;\" aria-level=\"1\"><p dir=\"ltr\" role=\"presentation\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; background-color: #ffffff; margin-top: 10pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">Exposure to energy;<\/span><\/p><\/li><li dir=\"ltr\" style=\"box-sizing: border-box; list-style-type: disc; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre;\" aria-level=\"1\"><p dir=\"ltr\" role=\"presentation\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; background-color: #ffffff; margin-top: 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">Exposure to the USA;&nbsp;&nbsp;<\/span><\/p><\/li><li dir=\"ltr\" style=\"box-sizing: border-box; list-style-type: disc; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre;\" aria-level=\"1\"><p dir=\"ltr\" role=\"presentation\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; background-color: #ffffff; margin-top: 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">Exposure to cash flow;<\/span><\/p><\/li><li dir=\"ltr\" style=\"box-sizing: border-box; list-style-type: disc; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre;\" aria-level=\"1\"><p dir=\"ltr\" role=\"presentation\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; background-color: #ffffff; margin-top: 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">Exposure to assets NOT listed on capital markets;<\/span><\/p><\/li><\/ul><p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; background-color: #ffffff; margin-top: 10pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Let&#8217;s dig in\u2026&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-style: italic; font-variant-numeric: normal; font-variant-east-asian: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline;\">The Case for Higher Oil<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">The investment case for oil and gas is pretty straight forward. It boils down to the this:&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-style: italic; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Oil is cheap, but is about to get expensive.<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">We believe oil prices, compared to equity markets, will revert to the mean due to significant under investment in the sector.<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">We are now going to walk through the market conditions that got us to this conclusion.<\/span><\/p>\n<h4 dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; color: #000000; font-weight: 700 !important; box-sizing: border-box; line-height: 1.656; margin-right: 27pt; background-color: #ffffff; margin-top: 0pt; margin-bottom: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 14pt; font-family: 'Source Sans Pro', sans-serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">FACT: Oil is Cheaper than ever.<\/span><\/h4>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">We compare oil and natural gas prices to the S&amp;P 500 because the ratio helps give us an understanding of the true cost of energy.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">When energy is \u201ccheap\u201d compared to the value of the S&amp;P we can anticipate that over time this will correct. It will do so but either energy prices going up, or company valuations going down &#8211; either way you want to own energy in this environment as a means of protecting and\/or growing your capital. The inverse is true when energy prices are \u201cexpensive\u201d as we saw in the 80\u2019s during the oil embargo.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Theoretically energy should be priced so that investors and producers make enough money to justify operating and investing in new production. But, cheap enough that consumers are not gouged at the pump and can maintain a comfortable life.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">But markets do not exist in a state of equilibrium. The pendulum swings back and forth.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Right now energy is objectively cheap.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Nothing in life is certain but based on historic data we expect the pendulum is about to swing the other way.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">The chart below shows the price of oil compared to the S&amp;P 500 since 1900.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 10pt; line-height: 1.38; text-align: justify; margin-top: 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\"><span style=\"box-sizing: border-box; border: none; display: inline-block; overflow: hidden; width: 624px; height: 348px;\"><img decoding=\"async\" style=\"box-sizing: border-box; height: auto; max-width: 100%; border: none; border-radius: 0px; box-shadow: none; margin-left: 0px; margin-top: 0px;\" src=\"https:\/\/lh4.googleusercontent.com\/v3Ut0J9529eOclNs8cnOlQd71etjyIfIcTUQYOBuR3CB5K5CpCcC-a4G9fPT3hWcKTk7-ZVlaAXLpIuhiJ8k4aJuNQyHKWoz4JwlKsb5w3wUXo1cw4I3R0VT0iS9wYc2xzQokH71Zh1u-HCUu88dsvk\" width=\"624\" height=\"348\"><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 10pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Today the price of oil is ~$75\/bbl and natural gas is ~$3\/mcf while the S&amp;P 500 is trading at 4,000.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Before 2020\/the pandemic, oil and gas prices were the cheapest in recorded history when compared to the S&amp;P 500.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">If the ratio swings back to 2008 levels at today\u2019s S&amp;P 500 levels then oil will be ~$240\/bbl and gas ~$30\/mcf.<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">If the ratio reaches 1918 or 1980 levels\u2026 then the world is in for a world of hurt. Oil prices will be ~$660\/bbl and natural gas will be $84\/mcf.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Now, I think it is unlikely that oil prices will spike without a simultaneous pull back in the S&amp;P &#8211; but even still I wouldn\u2019t be surprised if we see oil prices above $150\/barrel.<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Even if oil prices don\u2019t move at all (unlikely in my opinion), in the event of a major pull back in listed equities energy should act as a safe haven for capital.&nbsp;<\/span><\/p>\n<h4 dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; color: #000000; font-weight: 700 !important; box-sizing: border-box; line-height: 1.656; margin-right: 27pt; background-color: #ffffff; margin-top: 0pt; margin-bottom: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 14pt; font-family: 'Source Sans Pro', sans-serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Why is Oil so Cheap?<\/span><\/h4>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Horizontal fracturing (AKA fracking) came on the scene in a big way in the mid 2000s.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Between 2005 and 2010 the shale-gas industry in the United States grew by 45% a year. In 2005 shale gas production made up just 4% of the USAs overall gas production, by 2012 it accounted for 24%.<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Meanwhile, oil prices were high. In 2008 oil price shot up to more than $140\/bbl. Prices briefly crashed later that year, but quickly recovered and consistently traded around $100\/bbl until 2014.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">From 2005-2014 the frackers were printing money &#8211; the likes of Harrold Hamm of Continental Resources (CLR) developed the Bakken, Tom Ward and Aubrey McClendon of Chesapeake Energy (CHK) built the 2nd largest natural gas producer through a levered land grab, Charif Souki of Cheniere Energy (NYSE: LNG) built the first U.S. LNG export terminal, and Scott Sheffield at Pioneer Natural Resources led the development of the world renowned Permian Basin.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Horizontal wells came online with huge volumes of oil, but were expensive to drill.<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Then the problems started.<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Banks allowed the frackers to borrow against their <\/span><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-style: italic; font-variant-numeric: normal; font-variant-east-asian: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline;\">estimated<\/span><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\"> oil reserves, and so they did.<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Frackers would drill, hitting oil nearly every time, but unknowingly (to most) they were significantly overestimating their reserves.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">The result?<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Wells would \u201crun dry\u201d sooner than expected\u2026 There was a lot less accessible oil than anticipated.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\"><span style=\"box-sizing: border-box; border: none; display: inline-block; overflow: hidden; width: 624px; height: 345px;\"><img decoding=\"async\" style=\"box-sizing: border-box; height: auto; max-width: 100%; border: none; border-radius: 0px; box-shadow: none; margin-left: 0px; margin-top: 0px;\" src=\"https:\/\/lh3.googleusercontent.com\/nBhFobqOX0MnIWX_oyCxC6NDSTaOxhN0_bHBxGSjrv5nSD6tahEAWebERsDA2Fk266cVXJj0RfYidHck_s75ZbY463m1OnJK4Xmx6ULVnErrXRBo55k_A1qqCNz5WcHEoovh7gZb_00Kr6AZAXoGUpU\" width=\"624\" height=\"345\"><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">The above charts demonstrate well decline rates occurring far faster than anticipated.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Which is not good when borrowing based on expected production.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-style: italic; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">So what did they do?<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Naturally, they drilled more wells to keep production high and meet debt payments. Inadvertently creating a pyramid scheme, with the revenue generated by new wells was required to pay off the debts on the old wells.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">They drilled to borrow, and borrowed to drill.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Companies relied on rising oil prices to bail them out. But inevitably the sheer volume of oil that was being produced ensured that maintaining high prices was impossible.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">More Supply = Lower Prices.&nbsp;&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">By 2018 the U.S. had grown to be the biggest oil and gas producer in the world.&nbsp;<\/span><\/p>\n<h4 dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; color: #000000; font-weight: 700 !important; box-sizing: border-box; line-height: 1.656; margin-right: 27pt; background-color: #ffffff; margin-top: 0pt; margin-bottom: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 14pt; font-family: 'Source Sans Pro', sans-serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">A Change of Heart<\/span><\/h4>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Executive bonuses were tied to production, not profitability. Which brings to mind one of Charlie Munger\u2019s favorite sayings \u201cshow me the incentive and I will show you the outcome.\u201d<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">During the Covid Crash, when oil prices went negative,this all changed and executive compensation was restructured. Today, compensation is driven by profitability.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">This means more disciplined balance sheets with less debt (aka less drilling). In turn, capital discipline will lead to less production, higher oil prices, and more profitable companies.<\/span><\/p>\n<h4 dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; color: #000000; font-weight: 700 !important; box-sizing: border-box; line-height: 1.656; margin-right: 27pt; background-color: #ffffff; margin-top: 0pt; margin-bottom: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 14pt; font-family: 'Source Sans Pro', sans-serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">The Rusky Bailout<\/span><\/h4>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Then Russia invaded Ukraine and oil prices skyrocketed, saving many companies.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">They took this opportunity to pay down debt, hedge production at higher prices, and start telling a different narrative (closer to the truth) to the market.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">The truth is that they had&nbsp; \u201chigh-graded\u201d all of the U.S. shale plays. This means that they have drilled the best and most profitable shale locations trying to make ends meet. What\u2019s left is lower quality acreage.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">This means that the U.S. shale production outlook is in bad shape.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Speaking at a Goldman Sachs energy conference in Miami, Scott Sheffield, CEO U.S. shale giant Pioneer Natural Resources, said that the company has lowered its 2030 total Permian Basin oil production forecast from +8 million b\/d to ~7 million b\/d.<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 10pt; line-height: 1.38; text-align: justify; margin-top: 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\"><span style=\"box-sizing: border-box; border: none; display: inline-block; overflow: hidden; width: 561px; height: 664px;\"><img loading=\"lazy\" decoding=\"async\" style=\"box-sizing: border-box; height: auto; max-width: 100%; border: none; border-radius: 0px; box-shadow: none; margin-left: 0px; margin-top: 0px;\" src=\"https:\/\/lh3.googleusercontent.com\/ZUBH77T4BGxc3NAGEF0TDVHozzjrxLVZTxIongJWRp-Bjkopg2iJypq_7lVJxdlgHOmVy5p5h4oncYxn1z-uceq5WCNFtJKis7f9LskgT9kPWaZGwwDZ-282VCU333WixNoT8P-RG9W5jwHto_EFsCY\" width=\"561\" height=\"664\"><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 10pt; line-height: 1.38; text-align: justify; margin-top: 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">This indicates a significant slowdown in annual U.S. oil production.<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 10pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Lower production means higher prices.&nbsp;<\/span><\/p>\n<h4 dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; color: #000000; font-weight: 700 !important; box-sizing: border-box; line-height: 1.656; margin-right: 27pt; background-color: #ffffff; margin-top: 0pt; margin-bottom: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 14pt; font-family: 'Source Sans Pro', sans-serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Will drilling come back?<\/span><\/h4>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">It is going to take time for drilling to come back in a big way. The world at large has mismanaged invested in the energy space for two main reasons:<\/span><\/p>\n<ol style=\"box-sizing: border-box; margin-top: 0px; margin-bottom: 0px; padding-inline-start: 48px;\">\n<li dir=\"ltr\" style=\"box-sizing: border-box; list-style-type: decimal; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; font-weight: bold; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre;\" aria-level=\"1\"><p dir=\"ltr\" role=\"presentation\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 10pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; background-color: transparent; font-weight: bold; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">The Green Energy Transition<\/span><\/p><\/li><\/ol><p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 10pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">A willful blindness has infected the western world, with the claim that oil demand is somehow going to disappear in 5 or 10 years.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">This is highly unlikely.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Two decades of aspirational policies and trillions of dollars in subsidies, most of it on solar, wind, and battery technologies, have yet to produce anything close to an energy transition that eliminates hydrocarbons.<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Over the last 10 years $3.8 trillion has been poured into renewables, yet fossil fuel dependence has only been reduced by 1% (82% to 81% of the overall energy consumption).<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">The IEA (International Energy Agency) noted that an energy transition is <\/span><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-style: italic; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">\u201ca shift from a fuel-intensive to a material-intensive energy system.\u201d<\/span><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">They estimate the world will need to increase the supply of minerals such as lithium, graphite, nickel, and rare earths by 4,200%, 2,500%, 1,900%, and 700%, respectively, by 2040.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">The world will need dozens of new world-class mines for all of these minerals, requiring tens of billions of dollars of investment to develop.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">On average, it takes 16 years to bring a mine from exploration to production. So, even if we had the technology (which we don\u2019t) and the mineral reserves (which we don\u2019t), it is nearly impossible to provide the materials required to replace hydrocarbons for energy demand in the next 10 years.<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">In the interest of time I\u2019m not going to touch on the inefficiency and the intermittency issues of&nbsp; renewable energies here\u2026 Instead just ask your German friends how it&#8217;s going.&nbsp;<\/span><\/p>\n<ol style=\"box-sizing: border-box; margin-top: 0px; margin-bottom: 0px; padding-inline-start: 48px;\" start=\"2\">\n<li dir=\"ltr\" style=\"box-sizing: border-box; list-style-type: decimal; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; font-weight: bold; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre;\" aria-level=\"1\"><p dir=\"ltr\" role=\"presentation\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 10pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; background-color: transparent; font-weight: bold; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline; white-space: pre-wrap;\">Poor Returns<\/span><\/p><\/li><\/ol><p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 10pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">The frackers were so far off on production estimates that many investors watched their money get torched by aggressive&nbsp; drill programs.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Once upon a time any semi competent wildcatter with a half-baked idea could call up an energy PE fund and walk out with a $100m cheque. Today it is nearly impossible to find private equity money willing to drill new wells. Their mandates have been changed to buy production (where they can accurately calculate reserve estimates).&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">To give you an idea of how far off historic reserve estimates were, today banks discount all future annual production by 10% <\/span><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-style: italic; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">then<\/span><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\"> discount reserve estimates by 50% before calculating how much they are willing to lend.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">To incentivize this sort of investing again, oil prices are going to have to move <\/span><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-style: italic; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">MUCH<\/span><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\"> higher.&nbsp;<\/span><\/p>\n<h4 dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; color: #000000; font-weight: 700 !important; box-sizing: border-box; line-height: 1.656; margin-right: 27pt; background-color: #ffffff; margin-top: 0pt; margin-bottom: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 14pt; font-family: 'Source Sans Pro', sans-serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">What about today?<\/span><\/h4>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">The lost energy production resulting from the Russia\/Ukraine war&nbsp; is just the start. China\u2019s reopening is about to shock the oil markets once again.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\"><span style=\"box-sizing: border-box; border: none; display: inline-block; overflow: hidden; width: 624px; height: 712px;\"><img loading=\"lazy\" decoding=\"async\" style=\"box-sizing: border-box; height: auto; max-width: 100%; border: none; border-radius: 0px; box-shadow: none; margin-left: 0px; margin-top: 0px;\" src=\"https:\/\/lh3.googleusercontent.com\/5G9ChUQQsy4L9-sIRnIOnH1A7neYc1q5nd05UQnHiLfw14rXMNxSzNIKOFEioeJBYHjfb0OGol1YoMHg_lqb9wHE48zzdR7ec2l6c-WlKv_hwRm0hEEWmeFN4m-eKynwIn8bhtgogE4cyqdcvMDGp94\" width=\"624\" height=\"712\"><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Since China reopened, the International Energy Agency (IEA) increased its 2023 forecast for oil demand growth by nearly 200,000 bbls\/day to 1.9m bbls\/day.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-weight: bold; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">The IEA now expects 2023 total oil demand to average 101.7m barrels\/day &#8211; setting new record highs<\/span><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">.<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\"><span style=\"box-sizing: border-box; border: none; display: inline-block; overflow: hidden; width: 624px; height: 340px;\"><img loading=\"lazy\" decoding=\"async\" style=\"box-sizing: border-box; height: auto; max-width: 100%; border: none; border-radius: 0px; box-shadow: none; margin-left: 0px; margin-top: 0px;\" src=\"https:\/\/lh5.googleusercontent.com\/rk0DW_1g78gmsCueJMjndQExyA8KrMGcrGbC0Z7gWlpUcfj4IFdX0RlFojCkHTT4rQvUGz2YrXIZQoeWkLjPfhiXiuGnpUjj5WCtNkJH3DNCYEORKHwpccOA1_gRQDWIbGCqWJ5fyqEBpWykikl3uoo\" width=\"624\" height=\"340\"><\/span><\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><a style=\"box-sizing: border-box; box-shadow: none; text-decoration: none; color: #24a800;\" href=\"https:\/\/resourceinsider.com\/world-short-og\/\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #1155cc; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline;\">We have already talked about that OPEC+ has been cutting production<\/span><\/a><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">. But that\u2019s just the tip of the iceberg\u2026.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Saudi Arabia is saying that they are maxed out on production &#8211; meaning, they don\u2019t have the capacity to produce any more oil than they are currently producing.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; font-weight: 400 !important; box-sizing: border-box; margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><a style=\"box-sizing: border-box; box-shadow: none; text-decoration: none; color: #24a800;\" href=\"https:\/\/twitter.com\/CNBCMiddleEast\/status\/1615684736407535616\"><span style=\"box-sizing: border-box; font-size: 11pt; font-family: Cabin, sans-serif; color: #1155cc; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline;\"><span style=\"box-sizing: border-box; border: none; display: inline-block; overflow: hidden; width: 598px; height: 651px;\"><img loading=\"lazy\" decoding=\"async\" style=\"box-sizing: border-box; height: auto; max-width: 100%; border: none; border-radius: 0px; box-shadow: none; margin-left: 0px; margin-top: 0px;\" src=\"https:\/\/lh5.googleusercontent.com\/sLBRRBHZamiV1F2EltKvuEm1eX5MukLf_wZ58dvETq4CFh6Gg2gJVa-Emclbv5tY4SBwYFWU-x07BgreF7IWaEsimrfsKJtSzAWkkb1YZUAWW2T8j2soTcIfO8AggmKdSl1v93YdaWzVMuNJfSiKJ6Q\" width=\"598\" height=\"651\"><\/span><\/span><\/a><\/p>\n<h4 dir=\"ltr\" style=\"font-family: Montserrat, sans-serif !important; color: #000000; font-weight: 700 !important; box-sizing: border-box; line-height: 1.56; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; margin-bottom: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"box-sizing: border-box; font-size: 14pt; font-family: 'Source Sans Pro', sans-serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">Why Now?<\/span><\/h4>\n<p dir=\"ltr\" style=\"margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">The Russians are off the board, the Arab world is tightening production, the Chinese are ramping up the economy all whilst oil demand is peaking and USA energy reserves are dwindling.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">This confluence of events has made me want to get long U.S. energy production.&nbsp;<\/span><\/p>\n<p dir=\"ltr\" style=\"margin-bottom: 0pt; line-height: 1.656; margin-right: 27pt; text-align: justify; background-color: #ffffff; margin-top: 0pt; padding: 10pt 0pt 0pt;\"><span style=\"font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">BUT I want to minimize risk so I\u2019ll be using an investment instrument you\u2019re all familiar with: <\/span><span style=\"font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-style: italic; font-variant-numeric: normal; font-variant-east-asian: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline;\">royalties<\/span><span style=\"font-size: 11pt; font-family: Cabin, sans-serif; color: #000000; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; vertical-align: baseline;\">.&nbsp;<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-013408e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"013408e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d5177e5\" data-id=\"d5177e5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f4c45e4 elementor-widget elementor-widget-spacer\" data-id=\"f4c45e4\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c67aa4f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c67aa4f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-6d21444\" data-id=\"6d21444\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-09efc94 elementor-author-box--layout-image-left elementor-author-box--align-left elementor-author-box--image-valign-middle elementor-widget elementor-widget-author-box\" data-id=\"09efc94\" data-element_type=\"widget\" data-widget_type=\"author-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<link rel=\"stylesheet\" href=\"https:\/\/resourceinsider.com\/wp-content\/plugins\/elementor-pro\/assets\/css\/widget-theme-elements.min.css\">\t\t<div class=\"elementor-author-box\">\n\t\t\t\t\t\t\t<div  class=\"elementor-author-box__avatar\">\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/resourceinsider.com\/wp-content\/uploads\/2021\/11\/jamie-img.jpg\" alt=\"Jamie Keech\" loading=\"lazy\">\n\t\t\t\t<\/div>\n\t\t\t\n\t\t\t<div class=\"elementor-author-box__text\">\n\t\t\t\t\t\t\t\t\t<div >\n\t\t\t\t\t\t<h4 class=\"elementor-author-box__name\">\n\t\t\t\t\t\t\tJamie Keech\t\t\t\t\t\t<\/h4>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-author-box__bio\">\n\t\t\t\t\t\t<p>CIO; Editor<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-bfa933b\" data-id=\"bfa933b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-dd9748d elementor-author-box--image-valign-middle elementor-widget elementor-widget-author-box\" data-id=\"dd9748d\" data-element_type=\"widget\" data-widget_type=\"author-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-author-box\">\n\t\t\t\t\t\t\t<div  class=\"elementor-author-box__avatar\">\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/resourceinsider.com\/wp-content\/uploads\/2022\/09\/Nick-DOnofrio-300x300.png\" alt=\"Nick D&#039;Onofrio\" loading=\"lazy\">\n\t\t\t\t<\/div>\n\t\t\t\n\t\t\t<div class=\"elementor-author-box__text\">\n\t\t\t\t\t\t\t\t\t<div >\n\t\t\t\t\t\t<h4 class=\"elementor-author-box__name\">\n\t\t\t\t\t\t\tNick D'Onofrio\t\t\t\t\t\t<\/h4>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-author-box__bio\">\n\t\t\t\t\t\t<p>Head of Research<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c5b2249 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c5b2249\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-62bce95\" data-id=\"62bce95\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8ead305 elementor-widget elementor-widget-spacer\" data-id=\"8ead305\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c2581c1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c2581c1\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5bc4671\" data-id=\"5bc4671\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-80e8ee3 elementor-share-buttons--skin-boxed elementor-share-buttons--shape-circle elementor-share-buttons--align-center elementor-share-buttons--view-icon-text elementor-grid-0 elementor-share-buttons--color-official elementor-widget elementor-widget-share-buttons\" data-id=\"80e8ee3\" data-element_type=\"widget\" data-widget_type=\"share-buttons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<link rel=\"stylesheet\" href=\"https:\/\/resourceinsider.com\/wp-content\/plugins\/elementor-pro\/assets\/css\/widget-share-buttons.min.css\">\t\t<div class=\"elementor-grid\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-grid-item\">\n\t\t\t\t\t\t<div\n\t\t\t\t\t\t\tclass=\"elementor-share-btn elementor-share-btn_facebook\"\n\t\t\t\t\t\t\trole=\"button\"\n\t\t\t\t\t\t\ttabindex=\"0\"\n\t\t\t\t\t\t\taria-label=\"Share on facebook\"\n\t\t\t\t\t\t>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__icon\">\n\t\t\t\t\t\t\t\t<svg class=\"e-font-icon-svg e-fab-facebook\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M504 256C504 119 393 8 256 8S8 119 8 256c0 123.78 90.69 226.38 209.25 245V327.69h-63V256h63v-54.64c0-62.15 37-96.48 93.67-96.48 27.14 0 55.52 4.84 55.52 4.84v61h-31.28c-30.8 0-40.41 19.12-40.41 38.73V256h68.78l-11 71.69h-57.78V501C413.31 482.38 504 379.78 504 256z\"><\/path><\/svg>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-share-btn__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__title\">\n\t\t\t\t\t\t\t\t\t\tFacebook\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-grid-item\">\n\t\t\t\t\t\t<div\n\t\t\t\t\t\t\tclass=\"elementor-share-btn elementor-share-btn_twitter\"\n\t\t\t\t\t\t\trole=\"button\"\n\t\t\t\t\t\t\ttabindex=\"0\"\n\t\t\t\t\t\t\taria-label=\"Share on twitter\"\n\t\t\t\t\t\t>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__icon\">\n\t\t\t\t\t\t\t\t<svg class=\"e-font-icon-svg e-fab-twitter\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M459.37 151.716c.325 4.548.325 9.097.325 13.645 0 138.72-105.583 298.558-298.558 298.558-59.452 0-114.68-17.219-161.137-47.106 8.447.974 16.568 1.299 25.34 1.299 49.055 0 94.213-16.568 130.274-44.832-46.132-.975-84.792-31.188-98.112-72.772 6.498.974 12.995 1.624 19.818 1.624 9.421 0 18.843-1.3 27.614-3.573-48.081-9.747-84.143-51.98-84.143-102.985v-1.299c13.969 7.797 30.214 12.67 47.431 13.319-28.264-18.843-46.781-51.005-46.781-87.391 0-19.492 5.197-37.36 14.294-52.954 51.655 63.675 129.3 105.258 216.365 109.807-1.624-7.797-2.599-15.918-2.599-24.04 0-57.828 46.782-104.934 104.934-104.934 30.213 0 57.502 12.67 76.67 33.137 23.715-4.548 46.456-13.32 66.599-25.34-7.798 24.366-24.366 44.833-46.132 57.827 21.117-2.273 41.584-8.122 60.426-16.243-14.292 20.791-32.161 39.308-52.628 54.253z\"><\/path><\/svg>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-share-btn__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__title\">\n\t\t\t\t\t\t\t\t\t\tTwitter\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-grid-item\">\n\t\t\t\t\t\t<div\n\t\t\t\t\t\t\tclass=\"elementor-share-btn elementor-share-btn_linkedin\"\n\t\t\t\t\t\t\trole=\"button\"\n\t\t\t\t\t\t\ttabindex=\"0\"\n\t\t\t\t\t\t\taria-label=\"Share on linkedin\"\n\t\t\t\t\t\t>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__icon\">\n\t\t\t\t\t\t\t\t<svg class=\"e-font-icon-svg e-fab-linkedin\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 32H31.9C14.3 32 0 46.5 0 64.3v383.4C0 465.5 14.3 480 31.9 480H416c17.6 0 32-14.5 32-32.3V64.3c0-17.8-14.4-32.3-32-32.3zM135.4 416H69V202.2h66.5V416zm-33.2-243c-21.3 0-38.5-17.3-38.5-38.5S80.9 96 102.2 96c21.2 0 38.5 17.3 38.5 38.5 0 21.3-17.2 38.5-38.5 38.5zm282.1 243h-66.4V312c0-24.8-.5-56.7-34.5-56.7-34.6 0-39.9 27-39.9 54.9V416h-66.4V202.2h63.7v29.2h.9c8.9-16.8 30.6-34.5 62.9-34.5 67.2 0 79.7 44.3 79.7 101.9V416z\"><\/path><\/svg>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-share-btn__text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__title\">\n\t\t\t\t\t\t\t\t\t\tLinkedIn\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>I recently invested into American Oil and Gas royalties. Here&#8217;s why: Exposure to energy; Exposure to the USA;  Exposure to cash flow; Exposure to assets NOT listed on capital markets<\/p>\n","protected":false},"author":874,"featured_media":23266,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[26],"tags":[],"_links":{"self":[{"href":"https:\/\/resourceinsider.com\/wp-json\/wp\/v2\/posts\/23263"}],"collection":[{"href":"https:\/\/resourceinsider.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/resourceinsider.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/resourceinsider.com\/wp-json\/wp\/v2\/users\/874"}],"replies":[{"embeddable":true,"href":"https:\/\/resourceinsider.com\/wp-json\/wp\/v2\/comments?post=23263"}],"version-history":[{"count":8,"href":"https:\/\/resourceinsider.com\/wp-json\/wp\/v2\/posts\/23263\/revisions"}],"predecessor-version":[{"id":23272,"href":"https:\/\/resourceinsider.com\/wp-json\/wp\/v2\/posts\/23263\/revisions\/23272"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/resourceinsider.com\/wp-json\/wp\/v2\/media\/23266"}],"wp:attachment":[{"href":"https:\/\/resourceinsider.com\/wp-json\/wp\/v2\/media?parent=23263"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/resourceinsider.com\/wp-json\/wp\/v2\/categories?post=23263"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/resourceinsider.com\/wp-json\/wp\/v2\/tags?post=23263"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}