Joshua Young on Small-Cap Oil and Gas Investing

This is an interview with Joshua Young – founder of Young Capital Management – a Los Angeles-based investment advisor with a specialty in oil and gas exploration and production.

Prior to founding Young Capital Management in 2010, Josh served as an analyst, and later as consultant, at Karlin Asset Management, a multi-billion dollar family office in Los Angeles. While working as an analyst at Karlin from 2007 through 2010, Josh led the firm’s energy investment activities. Prior to that, he worked at Triton Pacific Capital, Mercer Management Consulting, and DiamondCluster. He graduated with honors from the University of Chicago with a BA in economics.

MOI Global: Natural gas prices have been depressed for several years due to abundant supply of shale gas, but oil and gas have historically been cyclical commodities. Do you believe the long-term supply equation for crude oil has changed, or is a substantial oil price rebound only a matter of time?

Joshua Young: I am investing in strong balance sheet, low cash flow and reserve multiple companies, assuming commodity prices don’t recover. However, the dynamics for shale oil and shale gas are different, and in the longer term oil prices will need to be significantly higher for new production to offset natural declines.

MOI: Many oil and gas companies claim to be low-cost producers. How does an investor determine which companies are truly “low cost” and which are simply “selling a mirage”?

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