In short: Named in Lebenthal's energy list ("these Transocean") — the offshore-drilling expression of the same refill thesis.
In short: Still owned as the other offshore driller in the "little bit on the service side" allocation, rounding out producers → gas → midstream → services.
Transocean is the other offshore driller in the book, alongside Noble, and operates the same way: it owns rigs and rents them out under contract. Deepwater projects are long-lived, so a signed contract can lock in revenue for years.
Like Noble it is a deliberately small position — the most volatile link in a chain Oakley wants to own end to end, rather than a conviction bet on offshore drilling by itself.
43:18We own Schlumberger, a little bit of Noble drilling and Transocean, so we're a full-line mix on energy. — And obviously energy is also dependent on a strong economy, you need energy demand to maintain that. What would you say is the biggest risk to the macroeconomy that perhaps investors are missing or overlooking? — Well, it's just like you said Michelle, if you go into a major recession, you don't use as much.
In short: Owned as an offshore driller inside the same whole-spectrum energy allocation — "we own Schlumberger, we own Transocean."
Transocean owns and operates offshore drilling rigs — the giant floating platforms leased to oil companies drilling in deep water. It's the most cyclical, highest-operating-leverage corner of energy: when day-rates for rigs rise, profits rise far faster.
He owns it as the drilling half of the "service companies" leg. The whole-spectrum approach means accepting that some legs are more volatile than others; the point is not to be absent from the part of the industry that ends up capturing the tightness.
6:27And then we own get natural gas companies like Antero, Apache or APA, the APA now. And we own drillers. We own Schlumberger, we own Transocean. In other words, you have to own the service companies, you have to own the producers, and you have to own the midstream. And we're not as big on the refiners, but you can probably own those as well.
In short: Lebenthal's final trade: "my favorite energy stock that Joe doesn't own — but may — is Transocean. Five bucks." (Wapner: "maybe that's why he doesn't own it.") The high-beta, low-priced offshore-drilling expression of the same bullish energy setup.
Transocean owns offshore drilling rigs and leases them to oil companies. It's Jim Lebenthal's final trade — "my favorite energy stock that Joe doesn't own, but may." At around five dollars a share it is the speculative, high-beta way to express the same bullish energy view: rig demand and day-rates rise sharply when oil companies feel confident enough to commit to expensive offshore projects, so the stock moves far more than the oil price in either direction.
In short: "I have no ranking on Transocean although I own it" — deliberately unranked because after 40 years analysing oilfield services "I don't have much faith in" his own skills there. He owns it anyway on the catch-up thesis, and specifically "there's going to be catch-up in the type of offshore frontier basins that Transocean does particularly well."
Transocean owns offshore drilling rigs and rents them to oil companies. Rick owns it but deliberately publishes no ranking, for an unusually candid reason: after 40 years of analysing oilfield services and watching how his own calls turned out, "I don't have much faith in them." When he doesn't trust his own edge, he declines to put a number on it.
He owns it anyway because of a whole-industry argument that doesn't require picking the best operator. For years the oil industry has skipped sustaining capital — the routine spending required just to stop production declining — and deferred new projects. That bill comes due, and "they're going to have to play catch-up in that investment for the next five or six years." Transocean's leverage to that catch-up is specific: it falls hardest in the offshore frontier basins it specialises in.
32:59I don't have much faith in them. I own RIG just like I own Halliburton and Schlumberger because I think that the industry has deferred a tremendous amount of sustaining capital investment and new project investment and they're going to have to play catch-up in that investment for the next five or six years. And there's going to be catch-up really all across the industry.
In short: "The rigs" — the third of his big-three service names (offshore driller). Same play on Venezuela + a world that must resume project and sustaining-capital spending.
Transocean ("the rigs") is the third of Rick's big-three service names — it owns offshore drilling rigs. Grouped with Schlumberger and Halliburton as a way to play both a Venezuela recovery and the global catch-up in oil-field spending.
49:19But there are a few groups, one of them US connected, actually with good connections to the Trump family, that are on the smaller side that are going into Venezuela. A different way to play Venezuela would be simply to buy Schlumbumber, Hallebertton, and RIG. — The big three oil service companies. And this isn't just a Venezuela play, — right? — The whole world is going to have to resume new project investing and deferred sustaining capital investing.
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