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Articles by Derek Smith
Digging Into Frac Sand Royalty Valuation
Key Takeaways Frac sand royalty valuation begins with the royalty agreement, since payment structures, thresholds, minimums, and timing provisions determine how production translates into royalty income. A supportable valuation must distinguish gross geological resources from recoverable, saleable, and ultimately sold tons, while recognizing that mine capacity does not necessarily equal expected production.
Why Are Shareholders Surprised by Board Decisions?
Key Takeaways Shareholder frustration often stems less from the board’s decision itself than from receiving the decision without enough context about the alternatives, trade-offs, and reasoning that shaped it. Effective governance requires directors to balance competing priorities such as liquidity, growth, dividends, redemptions, borrowing capacity, and long-term flexibility while helping shareholders understand how those priorities influence capital allocation decisions.
Should We Borrow Money If We Don’t Have To?
Key Takeaways Borrowing should be viewed as a strategic financial tool rather than something to avoid categorically, with the use of debt tied to clearly defined business objectives that support long-term value creation. Maintaining a debt-free balance sheet is not always the most conservative financial choice, as preserving cash and borrowing prudently can enhance flexibility, support growth opportunities, and improve shareholder liquidity.
[Calc Review] Help me analyze this deal - I am new
View report Hello everyone. I am new to investing and bigger pockets. My dad handed me over a rental. It needs $20k worth of work. I plan to finish it in 6 months. It should bring the ARV to around $85k. I am thinking i will refinance for 40K and pay off the rehab loan and use the other 20K to buy the next property. am i doing something wrong? Guidance appreciated. *This link comes directly from our calculators, based on information input by the member who posted.
7985 NW 1st St, Margate, FL 33063, US
Investment Summary Net Operating Income (NOI) minus mortgage payments. Calculation: NOI - Mortgage Payments Monthly Cash Flow -$947 Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value. Calculation: NOI / Market Value Cap Rate 3.9% Annual Cash Flow / Cash Invested Calculation: Annual cash flow divided by initial cash invested. Cash-on-Cash Return -9.7% Net Operating Income (NOI) divided by total debt payments.
Key Components in a Typical Oil & Gas Lease
March 28, 2025 Mineral and Royalty Rights Special Topics When negotiating and drafting oil and gas leases, understanding the basic framework that governs these agreements is essential. While there is no true “standard” lease, the primary areas and considerations of an oil and gas lease are discussed below.
Themes from Q4 Earnings Calls
February 28, 2025 Current Events Domestic Production In our previous analyses of earnings calls for Exploration & Production (“E&P”) and Oilfield Services (“OFS”) companies, we identified key industry themes, including technological efficiency, capital allocation, and shifts in the natural gas market. While some trends persist, our latest review of fourth-quarter earnings highlights new developments shaping the sector.
Themes from Q3 Earnings Calls
November 21, 2024 Current Events Domestic Production In our prior quarterly analysis of earnings calls for Exploration & Production (“E&P”) and Oilfield Services (“OFS”) companies, we noted that despite strong international demand, domestic natural gas prices were deflated which forced companies to focus on maximizing their efficiency.
Themes from Q2 Earnings Calls
August 23, 2024 Current Events Domestic Production In our prior earnings call post, Themes from Q1 2024 Earnings Calls, we touched on how the Upstream (“E&P”) and Oilfield Services (“OFS”) segments emphasized their dividend and share buyback programs and the industry’s response to depressed natural gas prices. This week, we explore the Q2 2024 earnings calls of Upstream and OFS companies, highlighting the significance of this quarter’s themes across the entire sector.
What’s “Play”-ing in the DJ Basin?
July 19, 2024 Domestic Production The Denver-Julesburg (“DJ”) Basin is a vast and geologically complex basin marked by sedimentary layering, tectonic shifts, and hydrocarbon generation. Encompassing an area of approximately 20,000 square miles, it stretches across regions of Colorado, Wyoming, Nebraska, and Kansas.
Themes from Q1 Earnings Calls
May 24, 2024 Current Events Domestic Production In our prior earnings call post, Themes from Q4 2023 Earnings Calls, we touched on the global focus that both the Upstream and OFS segments had focused on and the persistent drive to optimize efficiency in well operations and services with technological advancements, durable inventory, and more.
The Beginning of a Bakken Behemoth
April 26, 2024 Bakken Shale Mergers, Acquisitions, & Divestitures In a significant development for the energy industry, on February 21, 2024, Chord Energy Corporation and Enerplus Corporation announced a definitive agreement to merge. This strategic combination aims to create a powerhouse in the Williston Basin, leveraging their complementary strengths and operational expertise.
Themes from Q4 2023 Earnings Calls
March 1, 2024 Domestic Production Mergers, Acquisitions, & Divestitures In our most recent earnings call blog posts, Themes from Q3 Earnings Calls, Part 1: Upstream and Themes from Q3 Earnings Calls, Part 2: Oilfield Services (“OFS”) Companies, we explored the transformation of the energy sector due to M&A activity and the persistent drive to optimize efficiency in well operations and services.
Themes from Q3 Earnings Calls
November 17, 2023 Mergers, Acquisitions, & Divestitures Special Topics In our most recent earnings call blog post, Themes from Q3 2023 Earnings Calls, Part 1 Upstream, prevalent themes from E&P companies included discussions about consolidation in the industry, a focus on efficiency of operations, and strong production volumes throughout 2023. This week, we focus on the key takeaways from OFS operators’ Q3 2023 earnings call.
Tuning properties of membrane and catalyst layers optimizes reactors for fuel cells and more
Ethylene is a chemical widely used as a feedstock for producing polymers and industrial chemicals. Oxidative coupling of methane (OCM) is a promising, energy-efficient way of creating ethylene from natural gas by reacting methane with oxygen. However, the method comes with its downsides. Too much oxygen can reduce product yields by converting ethylene into carbon dioxide.
Themes from Q2 2023 Earnings Calls
September 1, 2023 Special Topics In our most recent earnings call blog post, Themes from Q2 2023 Earnings Calls: Part 1 – Upstream, common themes from E&P companies included alternate routes to maintain production levels, expectations of a further reduction in inventories, and declines in drilling and completion activity in the Haynesville Shale from recently depressed natural gas prices. This week, we focus on the key takeaways from OFS operators’ Q2 2023 earnings call.
Structural Elucidation of Intact Rough-type Lipopolysaccharides Using Field Asymmetric Ion Mobility Spectrometry and Kendrick Mass Defect Plots
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Structural Elucidation of Intact Rough-Type Lipopolysaccharides using Field Asymmetric Ion Mobility Spectrometry and Kendrick Mass Defect Plots
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IRS Valuation Guidance
Mines, Oil and Gas Wells, & Other Natural Deposits May 5, 2023 Special Topics Valuation Issues In this blog post, we discuss portions of Treasury Regulation 1.611 and its additional guidance when determining the fair market value of mineral properties. The Internal Revenue Service provides guidelines for the valuation of closely-held companies and presents a working definition of fair market value; What is Fair Market Value?
Cygnus Academy goes live!
Cygnus, a leading developer and manufacturer of fully compliant and wireless fire detection and alarm systems, has opened the new Cygnus Academy – an in-person, high-specification training hub for installers seeking to learn about the company’s new SmartNet wireless fire detection and alarm system.
Cygnus Academy goes live!
Cygnus, a leading developer and manufacturer of fully compliant and wireless fire detection and alarm systems, has opened the new Cygnus Academy – an in-person, high-specification training hub for installers seeking to learn about the company’s new SmartNet wireless fire detection and alarm system.
Halma acquires FirePro for €150 million
Halma, the global group of life-saving technology companies, has announced that it has acquired FirePro. Headquartered in Limassol, Cyprus, FirePro is a leading designer and manufacturer of aerosol fire-suppression systems. Its systems protect people, critical infrastructure and equipment from fire using a non-pressurised condensed aerosol technology which does not contain ozone-depleting substances or fluorinated greenhouse gases and extinguishes fire without causing damage to the environment.
ROCKWOOL appoints Nick Wilson as new UK Managing Director
ROCKWOOL has welcomed Nick Wilson as Managing Director to lead the insulation manufacturer across the UK and Irish markets. Wilson brings over 20 years of experience across the industrial, appliance and heating sectors, having held senior positions across commercial, marketing and operations functions. He joins at a critical moment for energy efficiency, with the cost-of-living crisis having tipped an estimated 3.1 million[1] households in England into fuel poverty.
<strong>Homes evacuated due to large fire at clothes recycling warehouse</strong>
A fire that broke out in an industrial unit in Mansfield completely destroyed the building, caused local residents to evacuate and will result in the temporary closure of the business. The building did not have the benefit of an automatic sprinkler system. The blaze on 18 March broke out at the Savannah Rags clothes warehouse in Forest Road and required 15 fire crews and more than 100 firefighters from the Nottinghamshire Fire and Rescue Service to contain it.
Homes evacuated due to large fire at clothes recycling warehouse
A fire that broke out in an industrial unit in Mansfield completely destroyed the building, caused local residents to evacuate and will result in the temporary closure of the business. The building did not have the benefit of an automatic sprinkler system. The blaze on 18 March broke out at the Savannah Rags clothes warehouse in Forest Road and required 15 fire crews and more than 100 firefighters from the Nottinghamshire Fire and Rescue Service to contain it.
Hampshire furniture factory destroyed by blaze
Firefighters were called to a large fire at an un-sprinklered warehouse in Andover. The devastating blaze tore through this family-owned furniture business and a neighbouring tenant on a busy industrial estate. The fire on the morning of 13 March at Dormy House required 100 firefighters, 12 appliances and specialist equipment including aerial ladder platforms and high-volume pumps from Hampshire Fire and Rescue Service and neighbouring counties to tackle the blaze.
Fire and Acoustic Seals launch new FD60 Fire Door Silicone Sealant
Unprotected cavities around fire door frames and partitions can be easily exploited by fire, which can undermine the fire performance of the door if not sealed correctly. The new FAS Fire Door Silicone Sealant from Fire and Acoustic Seals has been specifically tested to seal gaps around external and internal 60-minute fire-rated doors, flat entrance doors and external timber screens to meet BS 476: Part 22 1987 & BS EN 1634-1: 2014, and for smoke and air leakage to BS EN 1634-3: 2004.
60% of city halls in quake-hit areas of Japan at risk of flooding are not relocating
More than 60% of municipalities in the north-eastern prefectures of Iwate and Miyagi do not plan to relocate their city or town halls despite being designated as areas at risk of flooding in the event of a large-scale tsunami, a Kyodo News survey showed.
Quick and reliable flame detection made even easier with latest Spyglass series
Teledyne Gas and Flame Detection is unveiling its SpyglassTM SG50-F series of flame detectors to make the safeguarding of people and assets easier than ever before. With updated optics and algorithms, and on-board video in either colour or near-infrared options, the SG50-F series offers superior performance and security. For any facility to protect its most valuable resources such as human lives and capital assets, reliable flame-detection systems are a necessity.
Aico invites their supply chain to build a safer future together
Aico has recently hosted four events to explore how their supply chain can work collaboratively to build safer futures for residents of the UK, welcoming 400 industry professionals to their headquarters in Oswestry. To support their mission statement of promoting best practice and delivering safer homes, Aico invited customers from all areas of their supply chain to these groundbreaking events, including electrical contractors, distributors and registered social landlords.
Siemens highlights commitment to training with new appointment
Siemens has made another investment in its training programme for the Cerberus PRO fire alarm system with the appointment of Justin Leeks as a new trainer. Based out of the Siemens central training facility in Manchester, Justin brings a wealth of experience to the role having worked in the fire industry since 2006.
Discover groundbreaking fire-safety innovation and the latest in legislation at Europe’s biggest fire-safety event
As an integral part of the fire-safety community, FIREX is the perfect place to connect face-to-face with the entire fire-safety supply chain and network with companies across passive fire protection and prevention, fire detection, emergency lighting and more.
Discover groundbreaking fire-safety innovation and the latest in legislation at Europe’s biggest fire-safety event
As an integral part of the fire-safety community, FIREX is the perfect place to connect face-to-face with the entire fire-safety supply chain and network with companies across passive fire protection and prevention, fire detection, emergency lighting and more.
Setting the standard - why British Standard BS 8524 is the definitive guide for fire curtains
Technical Director Ray Kerry explains the important role of standards in ensuring the quality, safety and performance of active fire curtains Product standards play a key role in ensuring that products of all types meet particular performance, quality and safety standards. They are developed over many years by industry representatives who come together to agree the appropriate requirements and testing procedures.
Kingston Technology sheds light on the increasingly essential nature of enterprise storage
In an evolving operating climate where enterprises deal with heavy workloads of business-critical information, addressing business-continuity requirements, disaster recovery goals and availability needs while successfully consolidating their systems has never been more paramount.
NFCC launch first of evidence-based risk-assessment methodologies
National Fire Chief Council’s (NFCC) Community Risk Programme (CRP) is developing standardised tools to support UK Fire and Rescue Services in their community risk management planning. To date, the programme has worked with the Fire Standards Board to produce a fire standard for Community Risk Management and has delivered several pieces of guidance and tools that are being utilised by UK Fire and Rescue Services.
Top of the league! C-TEC’s CAST XFP fire system scores at South Shields FC
C-TEC’s innovative CAST fire alarm system is now in operation at South Shield’s Football Club’s 1st Cloud Arena Stadium. Established in 1888, the ‘Mariners’ are a leading light in the Northern Premier League and recently invested in a state-of-the-art 900-seater stand with executive boxes, function rooms and boardrooms in a move to upgrade facilities and generate additional revenue.
Maxlogic Announcement/Alarm Matrix Panel
Announcement systems are used to inform, warn or direct people inside buildings where there is a high density of people such as airports, hospitals, shopping centres and schools. In the event of serious hazards such as fire, which can have devastating consequences, it is very important to ensure integration of the announcement systems in order to ensure the safety of the building.
Surrey Fire and Rescue ‘go live’ with FireWatch solutions that target greater agility, increase visibility of resources and enable more flexible working
Infographics are pleased to announce that Surrey Fire and Rescue Service has gone live with its latest programme of FireWatch-driven technology innovation. The project provides anytime, anywhere access for its FRS users, including their ‘On Call’ Fire Fighters and Managers, increases real-time visibility of availability and resources, and integrates live data with the joint control room.
Visitor registration launched for West Africa’s leading exhibition for the security, fire and safety industries
Securex West Africa will return to Lagos, Nigeria this year in 9 weeks’ time and visitors are now able to register to attend this year’s 11th edition incorporating the Firexpo West Africa, Facilities Management West Africa and Smart Cities West Africa co-located events.
Themes from Q4 2022 Earnings Calls
Part 2: Oilfield Service Companies March 3, 2023 Special Topics The common themes among E&P operators and mineral aggregators’ in the Q3 2022 upstream earning calls included expanding business segments internationally, long-term sustainable growth for OFS, and production growth plans.
New Foundation Series fire detection solution brings trusted Simplex technology to
Johnson Controls, the global leader for smart, healthy and sustainable buildings, has announced the launch of Simplex Foundation Series fire-detection systems for small to mid-size building protection. The Foundation Series is a complete, off-the-shelf fire detection solution featuring both addressable and non-addressable models and a full range of reliable, proven Simplex devices.
Fini direct-drive compressors: the compact solution to higher air demand
FPS Air Compressors is releasing the range of Fini direct-drive compressors into the UK. Comprising MiniCUBE and CUBE models, the former is the most compact solution in its market segment and comes as a single-phase solution if preferred in the 2.2kW model. Where higher air requirements are necessary, the CUBE is available in models up to 7.5kW, providing a direct replacement for a piston compressor while producing 30–35% more output.
Next-generation SIL-rated warning signals
E2S Warning Signals, the world’s leading independent manufacturer of life-safety notification signals for industrial, marine and hazardous areas, are pleased to announce their next generation of SIL1 and SIL2-compliant warning devices. The D1x, GNEx, STEx, AlertAlarm and AlertAlight ranges of alarm horn sounders, LED and Xenon Strobe beacons, plus combination sounders with beacons, are now available with SIL1 and SIL2 compliance as standard.
Siderise insulation unveils new innovation centre
Siderise Insulation— a world-leading producer of high-performance passive fire-safety solutions – has opened a new Innovation Centre at its headquarters in South Wales, demonstrating its commitment to integrity and proven performance. The purpose-built facility went live in January 2023 following a huge investment that also saw Siderise increase its manufacturing capacity and office space in 2022.
Evacuation alert system from Advanced helps protect helps protect residents in Merseyside social housing
Fire-protection solutions manufacturer Advanced has supplied its EvacGo evacuation alert system to two high-rise residential tower blocks in Huyton, Merseyside following a series of fire-safety improvements to the buildings.
FIRSTLOOK, Rescue Product Division of Agility Technologies introduces Heavy Rescue Germany to global reseller network
FIRSTLOOK is excited to announce a new partner to our global reseller network in Germany, Heavy Rescue Germany (HRG). Effective immediately, HRG will oversee all sales, marketing and service for the FirstLook360 Search and Rescue Camera systems countrywide. Founded in 2009, HRG specializes in providing exemplary rescue training, consulting and rescue products to individuals and organizations in need of emergency preparedness and response both in Germany and Worldwide.
On-call firefighter applications are open
Nottinghamshire Fire and Rescue Service is excited to announce that from Monday, 30 January, it is taking applications for on-call firefighters at all of Nottinghamshire’s on-call fire stations, except Hucknall. If you live or work near to an on-call fire station, then this could be your new role. Station Manager Simon Glew said: ‘On-call firefighters are a vital part of Nottinghamshire Fire and Rescue Service.
Firefighters deliver decisive mandate for industrial action
Firefighters across the UK have delivered a decisive mandate for strike action, with 88% voting Yes on a 73% turnout. The strike ballot opened on 5 December and closed on 30 January. Two separate simultaneous ballots, in Northern Ireland and among Control Room staff in the North West of England, also delivered strong results. In Northern Ireland, the result was even stronger, with 94% of members voting in favour of action.
Flooding in Auckland kills four and leaves hundreds in need of emergency accommodation
Flood-ravaged Auckland is expected to receive more heavy rain over the coming days, according to the city’s council, even as people start to count the cost of the flash floods that have hit New Zealand’s largest city since Friday. Four people have now lost their lives and millions of dollars of damage has occurred. A state of emergency remains in place in Auckland and further south in regional Waitomo.
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