“Throughout the process, we emphasise the stability and growth potential of dividend streams, as opposed to the current yield.”

 “With oil inventories beginning to decline as a result of solid demand and constrained supply growth, investors have started to build oil exposure again... Brent crude will hit $90 per barrel this quarter.”

 “Adnoc too has hopes of exporting gas in the next decade.”

 “Round one winners from new tech demand like data centers, hyperscalers, and chip makers are well-owned already. Further investments in those beneficiaries should be made contingent on a realistic path to expand the power supply. In other words, the big new digital darlings can still win, but the ruddy old real world may have to win first.”

 “AI and data centers will consume 8% of U.S. power demand by 2030, compared with 3% currently... Natural gas will power 60% of the growth, while renewables are expected to make up the other 40%.”