{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Big Digital Energy","title":"Public E&P Is Broken, Cambridge Activism, & Why Energy Stocks Stay Unloved | BDE 12.24.25","html":"<iframe width=\"100%\" height=\"180\" frameborder=\"no\" scrolling=\"no\" seamless src=\"https://share.transistor.fm/e/fcb68eb2\"></iframe>","width":"100%","height":180,"duration":3928,"description":"Trading rigs and rock samples for spreadsheets and shareholder battles, Mark Viviano, CFA from Kimmeridge walks through how he stumbled into energy investing, why shale rewired valuation thinking, and how the sector managed to grow like crazy while lighting free cash flow on fire. The convo hits consolidation, why big institutions mostly hide in the top names, and why activism plus a technical bench might be the only way to get boards to move faster.\nClick here to watch a video of this episode.\n00:00 Safe harbor and why this convo exists\n01:15 Mark’s path into investing\n03:05 Building credentials and breaking into research\n05:16 Landing on the energy team\n08:03 Conventional to shale and valuation shifts\n13:18 The negative free cash flow era\n16:29 Why energy shrank inside the S&P\n17:24 Too many public E&Ps and consolidation\n20:18 Institutions hug the biggest names\n23:06 Expertise drain and small caps struggle\n28:54 Leaving Wellington and joining Kimmeridge\n32:03 Why activism matters in energy\n37:05 Timing the move into 2020\n40:10 How activism fits the sector today\n47:57 Portfolio quality over top down labels\n57:39 Gas, power, and AI data center demand\n01:01:11 New revenue streams and the next cycle\nhttps://twitter.com/collide_io\nhttps://www.tiktok.com/@collide.io\nhttps://www.facebook.com/collide.io\nhttps://www.instagram.com/collide.io\nhttps://www.youtube.com/@collide_io\nhttps://bsky.app/profile/digitalwildcatters.bsky.social\nhttps://www.linkedin.com/company/collide-digital-wildcatters","thumbnail_url":"https://img.transistorcdn.com/iy6jIYchYeWUZ4i3KMDwG--bihbqsPBgMZtYTL4T32g/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS81NTQ3/MzlhMzY1MzgyZDM4/NTZiMjQwNTg0YmNj/NDZiZS5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}