Energy Stocks Are Stupid Cheap

Over the years, I added a lot of "new" tools to my investing kit, but at the end of the day, I am a fundamental value investor at heart. Fundamentals are what will ultimately drive shareholder returns. Technicals, macro, and all the other things are complementary tools to help a fundamental value-oriented investor navigate the harsh landscape of investing.

In the latest update of our E&P valuation sheet, I created a new chart illustrating the enterprise value of the various energy companies we own and the free cash flow they will be generating.

What's astonishing about our latest update is the fact that every single one of the companies on this list will show a cash surplus by the end of 2023. Just think about that for a second here. That's what the $105/bbl WTI assumption for 2023 does for these energy companies.