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Peak’s core beliefs:
- The only way to survive in bad times and prosper in good times is to be a low-cost provider
- The value creation event in the energy business is exploration drilling
- Gulf of Mexico drilling when successful is extremely profitable because of low cost vs. size of prize
- You can’t leverage up an exploration company, it will come back to haunt you in this cyclical industry
Why a value investor should love his company Contango (MCF):
- Manages for value per share value creation, no point in just getting big
- Does not receive or issue options
- Has reduced share count by 2 million shares over the past two years which has increased each shareholder's ownership interest by 15%
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