In short: The newest energy buy: "A company called Northern Oil and Gas. Great company. We bought, oh, seven or eight weeks ago at around 18 bucks. It's a 10% yield. Even now, it's a 7 and a half% yield at this level."
Northern Oil and Gas doesn't operate wells itself — it buys non-operated minority stakes in wells other companies drill, which keeps its cost base light and lets it spread capital across many projects. Oakley calls it a "great company" and bought it roughly seven or eight weeks before this interview at about $18.
The number that made it attractive is the dividend: it yielded around 10% at his purchase price. The shares have since risen enough that the yield is down to about 7.5% — which is simply the arithmetic of a rising share price on a steady payout, and is his way of showing the position is already working. For an investor being paid 7–10% in cash while waiting, the oil price doesn't have to do anything dramatic.
42:34you said, but we also own a midsize company. Matador is a company we own. A company called Northern Oil and Gas. Great company. We bought, oh, seven or eight weeks ago at around 18 bucks. It's a 10% yield. Even now, it's a 7 and a half% yield at this level. We own natural gas.
In short: Recent high-income add in the oil & gas space — adding back to energy as oil dropped back below $70–$80.
Northern Oil & Gas owns minority ("non-operated") stakes in oil and gas wells run by other companies, collecting its share of the production. It's a recent high-income-portfolio addition.
The reason for buying now: oil fell back below $70–$80 a barrel after spiking during the Iran war, so Oxbow is rebuilding the energy exposure it trimmed at the highs — buying the pullback at their target level.
50:59We're just trying to smartly allocate to other areas when we see prices we like. And then in high income, this is the perfect example of showing where we've been starting to reallocate in the last month. So Northern Oil and Gas, Kimbell Royalty, those are in the oil and gas space. We've been adding a bit back to energy as the oil price got back below $70 or $80.
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