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Money Manager Interview Excerpt
INVESTING IN ENERGY OPPORTUNITIES – L. FARRELL CRANE JR. – ENERGY OPPORTUNITIES CAPITAL MANAGEMENT, LLC


Full article published: 07/27/2009


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TWST: Tell us briefly about Orleans Capital Management and your focus on energy.
Mr. Crane: Orleans started its Energy Opportunities strategy back in October of 2000, and we did that in conjunction with a research and subadvisory agreement with Simmons & Company International, headquartered in Houston, Texas. Originally, Orleans acted as the investment advisor and Simmons served as a subadvisor. Recently we've changed, and created a new company called Energy Opportunities Capital Management, which is co-owned 50% by Simmons and 50% by Orleans, to serve as the investment adviser to take the Energy Opportunities strategy forward. One of the reasons for that evolution was that it enabled us to have Scott Gill, who was Co-Head of Research at Simmons, move over to Energy Opportunities to serve as a co-portfolio manager on the strategy. I think that's important to what we're doing and it has really improved our capabilities.

TWST: How your strategy has been impacted by the events of this past year?
Mr. Crane: Well, during the first half of 2008, we were pleased with the strategy's performance, enjoying the effects of oil approaching 150 a barrel in the summer of 2008. On the other side of that year, in the second half, obviously we were negatively impacted as oil prices fell dramatically. But I think more importantly, what we saw was a great deal of forced liquidations and selling, in energy names in particular, that were divorced from the industry's long-term fundamentals. Obviously we've adjusted some things in the portfolio, last year and going forward this year, but our view is that the long-term trend with respect to energy supply and demand, which is the primary tenet of our strategy, remains intact. So far this year, we've already seen oil prices almost double from their earlier lows, reflecting investor sentiment that we may be on the verge of an economic recovery that will drive energy demand, or at least put an end to any further erosion in demand. But more importantly, there are continued concerns on the supply side, which are now becoming exacerbated as a result of lower capital spending toward that supply effort.

 

For more information call (212) 952 7433. The Wall Street Transcript does not endorse any of the comments made by interviewees, and does not make stock recommendations.