Throughout 2010, we've documented the scramble by independent exploration and production companies to tilt their production mix in favor of oil and natural gas liquids. From big boys like Chesapeake Energy
There are some exceptions among the independents. Range Resources
This all suggests to me that it's a great time to be a buyer of natural gas. In fact, I've been going to bat for certain gas-weighted producers since the summer. Today, Chevron
The purchase makes perfect sense. My only question is: Why so modest, Chevron? Why buy Atlas when you could grab Range Resources or Cabot Oil & Gas
The point of value investing isn't to strike while the iron is hot. Apache clearly gets this, as demonstrated by purchases of tossed-off assets like Devon Energy's shallow-water Gulf of Mexico portfolio. I'm glad to see Chevron embracing this principle of striking while the iron is cold as well.