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Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<ul><li>Global oil exploration seeing increased activity. Last month in our Energy Roundup, we wrote that the decline in global oil exploration over the past decade could eventually result in an oil supply shortage.</li><li>Much of this has been driven by energy exploration and production companies favoring cash returns to shareholders (dividends and stock buybacks) over reinvesting more capital into exploration activities.</li><li>As Figure 1 illustrates, industry oil &amp; gas exploration spending was down nearly 50% compared with the level from the late 2000s. </li></ul>

Global oil exploration seeing increased activity. Last month in our Energy Roundup, we wrote that the decline in global oil exploration over the past decade could eventually result in an oil supply shortage.Much of this has been driven by energy exploration and production companies favoring cash returns to shareholders (dividends and stock buybacks) over reinvesting more capital into exploration activities.As Figure 1 illustrates, industry oil &amp; gas exploration spending was down nearly 50% compared with the level from the late 2000s. 

Energy Roundup : Oil Exploration Back in Vogue; Middle East Oil Exports Recently at Pre-War Level

<ul><li>US oil rig count advances to highest level in 14 months. </li><li>In its latest weekly report released on August 14, Baker Hughes stated the US active oil rigs rose by one to 455 rigs this week, the highest level since late May 2025 (Figure 1). </li><li>With the West Texas Intermediate benchmark oil price up 24% (to $83/bbl this week) since the start of the Iran war on February 28, the US oil rig count has increased by 47 rigs as operators gain confidence that higher oil prices could remain higher for longer due to the war-related oil supply disruptions. </li></ul>

US oil rig count advances to highest level in 14 months. In its latest weekly report released on August 14, Baker Hughes stated the US active oil rigs rose by one to 455 rigs this week, the highest level since late May 2025 (Figure 1). With the West Texas Intermediate benchmark oil price up 24% (to $83/bbl this week) since the start of the Iran war on February 28, the US oil rig count has increased by 47 rigs as operators gain confidence that higher oil prices could remain higher for longer due to the war-related oil supply disruptions. 

Energy Roundup : US Oil Rig Count Continues to Climb; No Middle East Peace Negotiation Progress

United States

SM Energy Company is an independent energy company that explores for and produces natural gas and crude oil.  The Company's operations are focused on The ArkLaTex, Gulf Coast, Mid-Continent, Rocky Mountains, and Permian Basin regions.

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Sm Energy Co (SM US)

Energy Roundup : Oil Exploration Back in Vogue; Middle East Oil Exports Recently at Pre-War Level

Last month in our Energy Roundup, we wrote that the decline in global oil exploration over the past decade could eventually result in an oil supply...

Water Tower Research

Energy Roundup : US Oil Rig Count Continues to Climb; No Middle East Peace Negotiation Progress

In its latest weekly report released on August 14, Baker Hughes stated the US active oil rigs rose by one to 455 rigs this week, the highest level...

Water Tower Research

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