Golar holds arguably the world’s most valuable Floating LNG (FLNG) technology.  With one FLNG vessel in operation and another due to come online under a 20-year deal with BP, Golar has a proven technical and commercial model for developing offshore liquefaction facilities at a globally competitive cost.  Given geopolitical dynamics, we believe the floating segment of the LNG market is in the early innings of a long-term growth stretch.  And Golar is uniquely positioned to benefit from macro tailwinds driving further LNG demand worldwide.


Alpha Metallurgical Resources (NYSE: AMR)

Alpha develops and produces metallurgical coal with sites located in the Eastern U.S.  We believe this is an attractive investment in the growth of steel production globally, on the back of the U.S. Infrastructure bill passed in 2021.


Antero Resources (NYSE: AR)

Antero is a producer of Natural Gas and Liquids in the Eastern U.S.  We believe that demand for natural gas will continue to increase, particularly as LNG export terminals along the U.S. Gulf commence production.  Over time, this should put upward pressure on gas pricing, which would benefit Antero's business.



Sources: SEC filings (i.e. Form 20-F) and company presentations of each respective company
Disclosure: The views expressed in this commentary are subject to change based on market and other conditions. These documents may contain certain statements that may be deemed forward‐looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Any projections, market outlooks, or estimates are based upon certain assumptions and should not be construed as indicative of actual events that will occur. Past performance shown is not indicative of future results, which could differ substantially.

The simulated performance shown was created by Ashland, applying historical LNG shipping stock market cycles to present market prices in order to estimate potential future capital gains.  Dividend returns are estimated by applying the current payout level and adjusting for future distributable cashflow as estimated by Ashland's analysis.  The simulated performance shown is not necessarily indicative of future performance, which could differ substantially. The results shown do not represent the results of actual trading using client assets but were achieved by means of the retroactive application of a model that was designed with the benefit of hindsight. The simulated performance was compiled after the end of the period depicted and does not represent the actual investment decisions of Ashland. These results do not reflect the effect of material economic and market factors on decision-making.