The 4th Pillar: March 2024

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Against a backdrop of volatility, oil has remained remarkably calm and range bound for quite some time now.

Perhaps it simply suits everyone in the global economy for the price to be around $80/barrel.

Despite this, there continue to be excellent pockets of value among oil companies, particularly those that are focused on rewarding shareholders.

Today we go back to a country we have featured previously, and look at a peer of one of the companies already in our portfolio.

You’ll probably recall how oil prices surged at the beginning of the Russian invasion of Ukraine, hitting a high of $133 in the summer of 2022. But by July 2023, oil prices had started to retreat, with Brent crude trading down to $75. And it was at that point that I wanted to start looking…

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