Ep. 18 Interview with Neda Jafar | What Does It Take to Invest Through Energy Volatility?

Ep. 18 Interview with Neda Jafar | What Does It Take to Invest Through Energy Volatility?

What does it take to invest through energy volatility? In this episode, Ben West sits down with Neda Jafar, Partner at Kimmeridge, to explore how investors can navigate uncertainty across energy markets. Six months ago, when this conversation was recorded, the market backdrop looked very different. Oil prices, geopolitical risks, AI-driven power demand, and the growing strategic importance of natural gas had yet to dominate headlines in the way they do today. Yet one of the reasons we wanted to release this discussion now is that the core investment principles outlined by Neda remain remarkably durable, regardless of where commodity prices sit or what the macro environment looks like. Neda explains why successful energy investing is ultimately less about predicting the next move in oil or gas prices and more about disciplined underwriting, asset quality, balance sheet strength, and understanding where you sit on the cost curve. Together, Ben and Neda discuss: • Why asset quality and cost of entry matter more than short-term commodity price forecasts • The importance of stress testing downside scenarios and ensuring businesses can survive periods of volatility • Why being at the front end of the cost curve is one of the few reliable protections in a cyclical sector • How capital discipline, conservative leverage, and strong balance sheets create resilience through market cycles • The role of technical expertise in separating genuine value opportunities from value traps • Why investors should focus on underlying asset value rather than market consensus or headline multiples • How natural gas has evolved from a controversial fuel source into a critical component of global energy security, AI infrastructure, and power reliability • The long-term implications of data centre growth, LNG exports, and the emergence of a more globally connected gas market Perhaps most importantly, Neda explains how investors can position themselves to not only withstand volatility but use it to their advantage. Whether oil is $50, $80 or $100 per barrel, the framework remains the same: own high quality assets, partner with technically capable operators, maintain balance sheet discipline, and never lose sight of downside protection. For generalist investors looking to understand how experienced energy investors navigate uncertainty, this conversation offers a valuable blueprint that is just as relevant today as it was when we recorded it.

Ep. 17 Interview with William Foiles | Can Emissions Monitoring Drive Operational Efficiency?

Methane has become one of the biggest topics in oil and gas, but the conversation is changing. It's no longer just about adding more sensors or collecting more data. It's about using that data effectively.In this episode, Ben West sits down with Will Foiles, Co Founder and Chief Executive Officer of Project Canary, to discuss how methane management is evolving, why operators are moving towards a mix of monitoring technologies, and where AI and machine learning can help improve decision making and operational performance.They also explore how changing US regulations are affecting methane strategies, whether companies are spending emissions budgets more effectively, and how better data could create value for operators, investors, and asset buyers alike.

Ep. 16 Interview with Michael Rigg | Are Investors Underestimating the Next Decade of Oil & Gas?

In this episode of The Energy Pragmatist, Ben West sits down with Michael Rigg, Chief Investment Officer, Diversified Energy Company, to discuss the evolving landscape of upstream oil and gas investing, the rise of asset-backed securitizations (ABS), and why many investors may still be underestimating the long-term opportunity across the energy sector. Drawing on his experience leading business development and M&A at Diversified Energy Company, Michael explains how the company has built a differentiated strategy around PDP-heavy acquisitions, durable free cash flow, and long-life asset optimization. The conversation explores how ABS financing has reshaped upstream valuations, why capital is flowing back into PDP assets, and how Diversified is positioning itself for the next phase of growth. The discussion also dives into the broader macro backdrop shaping oil and gas markets today, including geopolitical risk, OPEC dynamics, LNG demand growth, AI-driven power demand, and the changing behavior of both public and private operators.

Ep.15 Interview with Mark Wade | The Great Repricing of Energy

In this episode of The Energy Pragmatist, Ben West sits down with Mark Wade, Partner at CAZ Investments to discuss why energy is becoming attractive to generalist investors again. The conversation explores U.S. natural gas, LNG export growth, power demand driven by AI and data centers, geopolitical risk in global energy markets, and why private energy assets remain undervalued relative to broader private markets. Mark also shares how CAZ Investments approaches thematic investing, manager selection, downside protection, and where he sees the most compelling opportunities across upstream, midstream, infrastructure, and power markets today.

EP. 14 Interview with Ken Hersh | Why Energy Investing Is Ultimately a People Business

In this episode of The Energy Pragmatist, interviewer Ben West sits down with Ken Hersh, Chairman of HFI Capital Management and co-founder of NGP, for a wide-ranging conversation on commodity cycles, geopolitics, and the evolving investment landscape in oil and gas. Drawing on decades of experience, Hersh shares lessons from building one of the most influential energy private equity firms, discusses why successful investing ultimately comes down to backing great people, and unpacks how today’s market volatility, LNG demand, and global supply risks are reshaping energy markets. The discussion offers valuable insights for family offices and long-term investors navigating the future of energy investing.