Fundamental Research
Evolution of the APES: AI, Power, and Energy Supply
This paper presents the findings from our study on the impact of AI-driven data center expansion on U.S. power consumption. Launched in early 2024, this project involved a comprehensive analysis to model this emerging megatrend with the utmost precision.
March 2025
Shale’s Golden Years: Can Consolidation Keep the Industry Young?
This paper explores the evolving landscape of the US shale industry, examining how consolidation is shaping the future amid rising costs and declining capital efficiency. The paper provides insights into the benefits of scale and the role of mergers.
October 2024
Accelerating the Carbon Market: A Call for a Standardized Rating System for Removal and Avoidance Credits
Kimmeridge believes it is time to create a standardized, global rating system for carbon credits, akin to the bond market, with a simple and transparent methodology that accurately quantifies additionality and durability – the two primary drivers of value in environmental integrity.
August 2023
I Still Haven’t Found What I’m Looking For
This paper advocates for public consolidation and outlines a framework for increasing the probability of success with four guiding principles and illustrates how these principles can be applied in practice by referencing several recent deals in the sector. Ultimately, this paper makes the case for publicizing unsolicited offers and giving shareholders a voice.
July 2023
Why Net Zero Should Be the Standard for the E&P Sector
In this follow-up to our September 2020 paper, Charting a Path to Net Zero, we recommend for the E&P industry to provide ambitious net zero commitments, which are supported by consistent and transparent disclosure with accountability that comes from the alignment of long term incentives.
July 2022
Now or Never: Testing the Resolve of the E&P Industry
This paper argues that the path to higher valuation multiples lies in reducing the cyclicality of the business and prioritizing consistency in strategy over responding to the ever-changing winds of investor sentiment – while establishing credibility takes time, we offer recommendations to help accelerate the process for the US E&P industry.
March 2022