The Weekly Word: Investing in Shale Play USA

Jason Spiess and “the professor” Stephen Heins host Tsering Ngudu, Senior Analyst of Tocqueville Asset Management of NYC on the Weekly Word.

In introducing Mr. Ngudu, Heins talked about Tsering’s extensive oil and energy background on Wall Street. Also, Heins remarked that in a previous discussion, Tsering had mentioned that he really didn’t know much about the Bakken. To many people on Wall Street, the beginnings of the Shale Revolution (begun in the Bakken) would not offset the ever shrinking of American oil production over the last decades. In response, Spiess mentioned that, in the last decade, the Bakken had grown from 30,000 barrels a day to 1 million barrels a day.

From his perch, Ngudu was not a “believer” in the first tranche of fracking, because value investors as a whole stood on the sidelines. Therefore, he remained in the dark about Bakken. In fact, Ngudu asked Spiess several questions about the North Dakota energy scene and Jason’s close Bakken involvement during the last 7 or 8 years.

“One of the advantages of the Bakken, it has extensive core samples dating back to the 1950’s,” Spiess also mentioned that since the oil correction, Bakken operators had helped reduced their operating costs by using new technology to harvest a combination of new wells and “refracs” to sell into the lower oil prices. The “drilled but uncompleted” (DUC) wells are likely to be great insurance for the future cost of fracking.

Ngudu mentioned that the Bakken (and even the trend-setting new Davis Refinery) are considered less interesting to a Wall Street than the Permian where many of the shale industry have doubled down by buying Permian and selling Bakken, but Heins interjected that the Bakken remains an important economic and technology development story. North Dakota is a real American success story, noted Heins, and is another example of the power of U.S. innovation, which has “the machinery for change.”

Spiess recalled a speech from Steven Moore, Op Ed contributor to the Wall Street Journal, where Moore said that Texas and North Dakota were the only states to money in the last decade and that the oil/shale industry were the only sector to create jobs in the same period. Without current socio-economic statics in hand, all three agreed that their learned and anecdotal information supported both of Moore’s observations.

As for the shale industry, Ngudu observed that the entire supply, distribution, and consumption chain of shale had given the U.S. economy an important cost, geopolitical, job creation, and emission reduction advantage over the rest of the world. “The U.S. has led the world in emission reductions over the last decade,” said Ngudu.

Obviously, Ngudu, Spiess and Heins enjoyed talking about this great economic renaissance of the oil and industries in America.

Ngudu joined Tocqueville in 2002 and is responsible for contributing ideas to the Multi Cap Equity and International Multi Cap Equity strategies, with a research focus on the energy and financial services industries. Prior to joining Tocqueville, Mr. Ngudu worked as a Portfolio Manager and Analyst at Lepercq de Neuflize from 1985-2001. From 1984-1985, he was an Analyst at Cates Consulting.

Mr. Ngudu earned a B.A. from Dartmouth College and an M.B.A. from Pace University.


The Weekly Word is a weekly high level discussion about energy, quality of life, globalism and the environment.  This week Professor Stephen Heins and Jason Spiess are joined by Tsering Ngudu is a Senior Equity Analyst at Tocqueville Asset Management L.P..    Summary written by Stephen Heins, The Word Merchant.  

By |2018-02-08T23:09:13+00:00January 22nd, 2018|Categories: Energy, The Weekly Word|Tags: , |14 Comments


  1. zvodret iluret September 29, 2018 at 11:16 pm - Reply

    excellent post.Ne’er knew this, thanks for letting me know.

  2. Vernon Leberte September 30, 2018 at 4:35 pm - Reply

    Some genuinely wonderful blog posts on this website , regards for contribution.

  3. minecraft October 5, 2018 at 2:27 pm - Reply

    Just want to say your article is as astonishing.
    The clarity for your submit is just cool and that i
    could suppose you’re a professional in this subject.
    Well with your permission let me to seize your RSS feed to keep
    updated with coming near near post. Thanks a million and please
    continue the gratifying work.

  4. minecraft October 5, 2018 at 11:19 pm - Reply

    This is my first time visit at here and i am actually happy
    to read everthing at alone place.

  5. minecraft October 7, 2018 at 7:31 pm - Reply

    Hi there, I wish for to subscribe for this weblog to obtain most recent updates, therefore where can i do it please assist.

  6. minecraft free download 2018 October 8, 2018 at 5:59 am - Reply

    Hey There. I found your blog using msn. This is an extremely well written article.
    I’ll be sure to bookmark it and return to read more of your useful
    info. Thanks for the post. I will definitely comeback.

  7. minecraft free download 2018 October 8, 2018 at 11:36 pm - Reply

    Can I simply just say what a comfort to uncover an individual who really
    knows what they are talking about online. You definitely
    realize how to bring a problem to light and make it important.
    More people have to check this out and understand this side of the
    story. I was surprised you’re not more popular since you definitely
    possess the gift.

  8. minecraft free download 2018 October 10, 2018 at 6:55 am - Reply

    Hola! I’ve been reading your weblog for some time now
    and finally got the courage to go ahead and give you
    a shout out from Houston Texas! Just wanted to tell you keep up the good work!

  9. minecraft free download 2018 October 11, 2018 at 3:45 am - Reply

    I’ll right away take hold of your rss as I can not find your email subscription link
    or e-newsletter service. Do you’ve any? Kindly let me understand in order that I may just subscribe.

  10. Health Benefits of Coconut Oil October 27, 2018 at 11:59 am - Reply

    I could not refrain from commenting. Exceptionally well written!

  11. Benefits of Coconut Oil October 28, 2018 at 3:01 am - Reply

    I am actually happy to glance at this weblog posts which
    carries plenty of valuable facts, thanks for providing these data.

  12. Health Benefits of Coconut Oil October 30, 2018 at 6:44 am - Reply

    I visit daily a few websites and sites to read articles, except this weblog offers quality based articles.

  13. quest bars cheap November 4, 2018 at 3:29 pm - Reply

    Quest bars cheap fitnesstipsnew1 quest bars cheap 516999410492780544 quest bars cheap

    An outstanding share! I have just forwarded this onto a colleague who has been doing a little homework on this.

    And he actually bought me lunch due to the fact that I stumbled upon it for him…
    lol. So let me reword this…. Thank YOU for the meal!! But
    yeah, thanks for spending time to discuss this matter here on your web page.
    Quest bars cheap fitnesstipsnew1 quest bars cheap 516999410492780544
    quest bars cheap

  14. Sling TV November 10, 2018 at 4:42 am - Reply

    Great site. A lot of useful info here. I’m sending it to a few friends ans additionally sharing in delicious.
    And obviously, thank you for your sweat!

Leave A Comment

WordPress spam blocked by CleanTalk.