A month before I was about to take on the financial risk of quitting my well-paying job and going all-in on this Substack/blog venture, I received an email.
Doug Terreson wanted to talk to me.
I was very nervous.
If you don’t know of Mr. Terreson, he is the former Head of Energy Research at Evercore ISI and Morgan Stanley covering the Integrated Oil, E&P and Refining & Marketing sectors where he was consistently ranked as the #1 or #2 Integrated Oil analyst in the Institutional Investor poll for 20 years and was a member of the All-America Research (II) team 24 times.
Not only that, but he has made some of the most influential calls in the oil and gas space!
Reports such as “The Era of the Super-Major” (1998), “Higher for Longer” (Crude Oil, 2000), “The Golden Age of Refining” (R&M, 2003), “The Pledge for Greater Capital Discipline and Enhanced Corporate Governance” (2015), and “Time to Lean In” (2020).
These were all mega-thematic calls that were ahead of consensus at the time and made a lot of money for those who listened.
So why did Mr. Terreson reach out to an up-and-coming blogger like me?
It was a secret at the time, but he was working on a book and said that he valued the quality of our content and wanted to use some of it.
But more importantly, I’m telling you this story because his book, Can’t Deny It, is out!
CLICK HERE FOR THE AMAZON LINK
In this compelling memoir, Douglas Terreson, one of Wall Street's most influential energy analysts, takes readers on a journey through the high-stakes world of global oil markets and financial powerhouses. From his humble beginnings on offshore oil rigs to making billion-dollar calls that reshaped the energy industry, Terreson's story is one of perseverance, insight, and the courage to challenge the status quo. He reveals the inside story behind his legendary market predictions, including the "Era of the Super-Major," the "Golden Age of Refining," and "The Pledge," which sent shockwaves through the industry and made fortunes for those who listened. Terreson's career also spans some of the world's most complex energy privatizations, from Norway to China and even Venezuela. But it's not all smooth sailing-Terreson's contrarian stance during the 2008 financial crisis nearly cost him his career, only to be vindicated in spectacular fashion. Interwoven with tales of deep-sea fishing adventures and coaching little league, this book offers a unique perspective on the global energy landscape, the cutthroat world of Wall Street, and the delicate balance between professional success and personal fulfillment. Whether you're an investor, industry professional, or simply curious about the forces shaping our energy future, Terreson's story promises to educate, entertain, and inspire- while forever changing how you view the energy sector and the power of visionary analysis.
After our hour long conversation, I said to myself, that if he likes my data, charts & content, others will and that was the deciding factor pushing me to pursue this passion of mine.
I just finished reading my copy over the weekend and as Mr. Terreson told me, “the stories are hard for even me to believe.”
We will be to our regularly scheduled content on Friday.
Doug’s work has been very influential for the energy space over the last ~30 years that we should all get ourselves a copy!
Links are below.
CLICK HERE FOR THE AMAZON LINK
See you next time!
-Rob Connors, CFA, CPA, Crude Chronicler
Sure says something when/where "the best Oil research on the Street is..." nowhere near the Street, where all other great insight and research is heading....Substack!!!
thanks for bringing this to our attention! i cannot wait to read it