Forces for Nature, From Finance to Fashion
Overview
From the $50 billion forest-carbon market to 50,000 tons of waste being transformed into textiles, disruptive solutions will likely be key to moving toward a so-called nature positive economy. In this episode of Bloomberg Intelligence's ESG Currents podcast, Grace Osborne, BI's ESG integration analyst for EMEA, is joined by Tracy Farrell, CEO of the IUCN-US, and Giulio Bonazzi, CEO of Aquafil, in two conversations. These leaders discuss the multifaceted ways the world is moving to mitigate biodiversity loss, including bridging the estimated $942 billion biodiversity-financing gap and revolutionizing the use of recycled materials to enable companies such as Prada to Gucci to reduce their impact on the planet.
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The MacroMicro chart shown below supports this notion. Multiple compression has reduced the Energy sector's S&P weighting from approximately 13% in 2011 to just 3% today. We think the current all-time high reached in April of 13,400 mm BOPD suggests this shrinkage in weighting is not reflective of the true value these companies bring to our economy. That being the case, we will present a snapshot of the Q-1 metrics of some of our favorite shale drillers for investment at present levels. The shale macro We are about 15 years into a complete upheaval in global oil production dynamics, as noted in the EIA graphic below. You can see that, commencing in 2012, the upward slope that had begun in 2008 with early fracking operations took a sharp increase that didn't abate until the latter part of 2023, at around 13,000 mm BOPD. Initially driven by a rapid increase in the rig count, oil shocks in 2014 and then in 2020, led to drillers' re-evaluation of the wisdom of growth at any cost. The COVID-induced oil crash of 2020 led to a profound shift in how managers in these companies were compensated. Incentives that had previously rewarded double-digit annual growth in production and attainment of ESG goals were shifted to value creation for shareholders. Now, after learning to drill longer laterals, increase the number of frac stages, pump higher sand concentrations, and use artificial intelligence to improve efficiency, the industry has been able to produce more and more oil and gas with fewer rigs and frac spreads. Since 2022, the numbers of each have declined by about 30-35% respectively. Some of this reduction is also due to the recent M&A cycle, which has reduced the E&P count in an effort to consolidate premium drilling locations in shale plays. Money not spent on services to grow production is money that goes directly to the driller's bottom line and enables them to run profitable businesses at lower oil and gas prices. In short, U.S. shale operators have wrought a miracle, having survived two extinction-level events in the last decade, the oil crashes of 2014 and 2020. What hasn't changed is the dour view of the investing community toward the E&P sector. We believe that will change soon on its own as investors seek capital returns. If we were to see an increase in oil prices, a trickle would become a torrent, leading to higher EV/EBITDA multiples. I promised you a couple of examples of undervalued companies, so let's have a look. Companies performing at a high level APA Corp, (NYSE:APA) a Permian-focused driller with international operations in Egypt, and Suriname. After a 1-year stock price implosion from $32 to $14 at its low, APA Corp trades at an EV/EBITDA valuation of 2.19X. This is about an 80% reduction from its three-year average of 3.9X. APA nearly balanced production of 166 mm BOE with reserves additions of 162 mm BOE in 2024. With 2P reserves of 969 mm bbls APA holds the equivalent of 2.6 BOE per diluted share. This doesn't include any contributions from their JV with Total Energies, (NYSE:TTE) from the GranMorgu project, offshore Suriname and due to begin producing 220K BOEPD in 2028. APA has a strong balance sheet with no significant maturities before 2035. APA generated EBITDAX of $1.5 bn, $1.1 bn in operating cash flow in Q-1, which covered capex of $790 mm, dividend of $92 mm and share buybacks of $98 mm. APA is cutting capex in the Permian by $150 mm in 2025, but expects to maintain output through frac cycle time improvements. At current prices, APA's dividend yield is 5.4%, and a free cash yield of 21%. Let's look at Chord Energy, (NYSE:CHRD) now. Chord is the biggest shale driller in the Bakken. Q-1, revenues of $1,103 mm were sequentially lower than Q-4, 2024, but well above revenues from Q-1, 2024. 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This is funded by free cash generation that amounts to a veritable rainstorm offering a free cash yield of 26% on a NTM basis. Your takeaway As we have discussed, multiple compressions have created the impression in investors that upstream E&P companies are marginal businesses with balance sheet problems. Our research suggests that this is far from true, and investors seeking capital appreciation and substantial shareholder returns might carefully consider whether investing in this sector aligns with their portfolio objectives. It is difficult to say when the fundamentals for oil will improve. The key takeaway is that many companies operating in this sector are well-managed and have a focus on enhancing value creation for their shareholders. I began this piece by highlighting the compression in the weighting of the energy sector within the S&P Index. If it were to return to just the 4-5% weighting of the late 2010s, it would mean a substantial uplift for these equities. 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MACKAY MEMORIAL HOSPITAL OPTIMIZES ENERGY MANAGEMENT AND SUPPORTS THE ENERGY TRANSITION VIA ENEL X'S VIRTUAL POWER PLANT
TAIPEI, June 10, 2025 /PRNewswire/ -- MacKay Memorial Hospital, a leading institution in Taiwan's healthcare sector, is taking a significant step toward its sustainability goals by joining Enel X Taiwan's Virtual Power Plant (VPP) - the largest Demand Response VPP in the country. Through this collaboration, MacKay Hospital will contribute its flexible energy demand to the Taiwan Power Company's Energy Trading Platform, supporting grid stability and the broader energy transition. Enabled by Enel X's advanced energy solutions, the partnership will help the hospital optimize energy efficiency, meet national energy-saving policies, and further its strong commitment to ESG and sustainability leadership. According to the '2024 Non-Production Sector Energy Audit Annual Report', hospitals accounted for the highest proportion of energy consumption among Taiwan's non-production sectors in 2023, reaching 15.97%[1]. Given hospitals' high emphasis on electricity safety and their meticulous power planning to ensure the stability and continuity of medical services, how to balance safety with sustainability has become a crucial issue that major medical institutions cannot ignore. Roger Chen, Head of Enel X Taiwan, explained, "Participating in Demand Response Ancillary Services in the Energy Trading Platform via a Virtual Power Plant is an extremely suitable energy management option for hospitals. With flexible participation hours, the program is best suited to institutions that operate 24-7. When responding to grid dispatch events, the actual reduction in electricity consumption can be recognized as measurable energy-saving performance. In addition, the revenue generated from participating in the electricity market can help offset rising electricity costs and be reinvested into other sustainability initiatives." In the future, during times of grid stress, MacKay Hospital will be able to temporarily reduce energy use from non-essential equipment within ten minutes. Enel X's Virtual Power Plant will aggregate this flexibility alongside other commercial and industrial Demand Response resources, delivering it to the grid as a single, coordinated resource. This helps to enhance grid resilience and support a stable, reliable power supply . Chang Wen-han, Superintendent of MacKay Memorial Hospital, stated, "MacKay Hospital has always prioritized social responsibility and sustainable development. Our goal is not only to provide high quality medical care, but also to actively support the transition to net-zero and to set the standard for other medical centers. As summer brings peak electricity demand, hospitals must consider more effective energy-saving strategies and promote the renewable energy development in order to demonstrate their commitment to energy conservation." Roger Chen, Head of Enel X Taiwan, said, "We are delighted to have MacKay Hospital join our ranks. As power supply shifts from centralized to distributed generation, every energy user plays an important role in stabilizing the grid and promoting the development of renewable energy. With the right Virtual Power Plant, even hospitals – where power reliability is critical – can safely participate in the energy market without compromising operations. We encourage all major energy users to unlock the value of their existing assets, take advantage of opportunities in the energy market, and "contribute to a more resilient and sustainable energy future." Enel X is currently the largest power aggregator of Demand Response Resources in the Energy Trading Platform, with over 200MW of aggregated capacity - equivalent to the electricity load of 80,000 households. Looking ahead, Enel X plans to continue expanding this capacity and, in line with market trends, support users in participating in the energy market through behind-the-meter energy storage systems. Enel X Global Retail is Enel Group's business line dedicated to customers around the world with the aim of effectively providing products and services based on their energy needs and encouraging them towards a more conscious and sustainable use of energy. A world leader in the field of energy supply, energy management services, and electric mobility to foster electrification, it accompanies all of its customers through their energy transition, developing value-creating solutions. Enel X Global Retail offers an ecosystem of sustainable, efficient, easy-to-find, personalized products and services built around customer needs. Enel X Global Retail provides electricity, integrated and innovative energy services to more than 55 million customers worldwide, households, small offices, enterprises, and municipalities. Furthermore, around the world, it offers flexibility services aggregating 9.2 GW and has installed around 3 million lighting points as well as 30,100 owned public charging points for electric mobility. For more information, visit and follow us on LinkedIn and Facebook. [1] Taiwan Green Productivity Foundation (2024). Energy Audit Annual Report for Non-Productive Industries 2024. Energy Administration, Ministry of Economic Affairs. Retrieved from View original content to download multimedia: SOURCE Enel X Taiwan Sign in to access your portfolio
