Webber Research | Advisory • LNG & Energy Infrastructure Research & Consulting

Webber Research & Advisory

Webber Research & Advisory

Webber Research & Advisory

Webber Research & Advisory

Webber Research & Advisory

Webber Research & Advisory

Webber Research & Advisory

Independent Research & Consulting

LNG & Energy Infrastructure

Large Scale Export Projects, LNG Carriers, Small-Scale LNG Solutions, Floating Regas, Gas-To-Power

Utilities, Midstream & IOCs

Proprietary ESG Overlay

Renewable Energy

NGL Exports, Box Leasing, Containerships, Barges

Marine

Crude Tankers, Product Tankers, LPG

Corporate & Buyside Consulting

Crude Tankers, Product Tankers, LPG

Who We Are

Webber Research & Advisory provides independent research and consulting services for institutional investors, corporates, project developers, private equity, and family offices. We focus on providing market leading coverage and analysis across the LNG & Energy Infrastructure, Renewable Energy, Utility, Midstream, IOCs, and Marine industries.

We are committed to adding value through a mosaic of context, insight, thought leadership, hard work, and diligence – creating unparalleled research and tailored, bespoke solutions for our research and consulting clients.

Our team

Michael Webber, CFA

Michael Webber, CFA

Managing partner

Michael Webber, CFA
Managing Partner – Export Infrastructure

Mike co-founded Webber Research & Advisory in 2019, and has spent the past 13 years in equity research covering Export Infrastructure, Shipping, & Transportation at Wells Fargo & Deutsche Bank. Mike has been named to Institutional Investor’s (I.I.) All-America Research Team in each of the past 5 years, finishing as the #1 ranked Shipping & LNG analyst in 2019, 2018, 2017, 2016, & 2015, and part of the #1 ranked Natural Gas team in 2019. He was named the sector’s best stock picker by the FT 2013, #2 in 2012, named in Business Insiders: Rising Stars Of Equity Research Under 35 in 2017, and is a NAMEPA award winner for his work in ESG. Mike graduated from the University of Virginia in 2004.

Greg Wasikowski, CFA

Greg Wasikowski, CFA

Associate Partner

Greg Wasikowski, CFA
Associate Partner & Co-Founder

Greg was a senior member of the #1 I.I. ranked Wells Fargo LNG, Shipping, & Equipment Leasing team from 2017-2019, prior to which he worked in Consulting for RSM US LLP. Greg attended Bucknell University where he majored in Accounting and Financial Management and was a member of the baseball team. Greg holds the CFA designation.

Chris Tsung, CFA

Chris Tsung, CFA

Associate Analyst

Chris Tsung, CFA
Associate Export – Infrastructure

Chris joined Webber Research & Advisory in 2019. Prior to joining Webber R|A, Chris was an AVP at DWS in Strategic Planning & Analysis for their Alternatives platform. Prior to that, Chris spent 6-years at Deutsche Bank in their private equity group as a key member of the investment management team overseeing $4.9B in AUM. Chris began his career with Citigroup in private equity fund administration. Chris is a graduate from the Zicklin School of Business at Baruch College and holds the CFA designation.

Tim Biggins

Tim Biggins

Operating Partner

Tim Biggins
Operational Partner

Tim Biggins has over twenty years of leadership experience in technology consulting, healthcare equity research and institutional equity sales. In that time, he has led multinational technology projects, co-authored numerous company and industry equity research reports, and driven sales efforts at top equity accounts for several multinational banks.

Eric Smith

Eric Smith

Managing Partner, EPC Risks

What we do

Equity Research: Leading Coverage Of The LNG, Marine, Renewable Energy Sectors

Industry Research: Thematic, Detailed Analysis of Sector Trends & Market Dynamics

W|EPC: Detailed Energy & Utility Project Coverage

Consulting: Financial, Commercial & Technical Analysis, Bespoke Engagements

Consulting: Market Research, Board Presentations

Consulting: Independent Valuations, Fairness Opinions

​Recent Highlights

W|EPC: Gorgon LNG’s Propane Kettle Cracks – Early Read

W|EPC: Gorgon LNG’s Propane Kettle Cracks – Early Read

Overview:On July 23, 2020, Reuters reported Australia’s Department of Mines, Industry Regulation & Safety (DMIRS) said “it plans to inspect Chevron’s Gorgon LNG plant as soon as possible following calls by a trade union to shut the plant.”1. During routine...

Webber Research: Hydrogen Tracker Highlights:

Webber Research: Hydrogen Tracker Highlights:

Recent Highlights                                                   (page 1) LH2 Carrier Progress                                             (page 3) M&A Tracker                                                          (page 4) Valuation Summaries               ...

Webber Research: Hydrogen Tracker

Webber Research: Hydrogen Tracker

For access information, email us at info@webberresearch.com Highlights: • Recent News (page 1) • LH2 Carrier Progress (page 3) • M&A Tracker (page 4) • Valuation Summaries (page 5) • Hydrogen Production Costs (page 7) • Industry Dynamics (page 9) PLUG Launches...

Webber Research Hydrogen Tracker

Webber Research Hydrogen Tracker

Introducing the Webber Research Hydrogen Tracker Yesterday we launched our Hydrogen Tracker – a weekly research product dedicated to the build out of Hydrogen production, technologies, and associated markets. For information about access to our Hydrogen Research,...

W|EPC: Dominion Energy (D) –  Offshore Wind Project Monitor Q320

W|EPC: Dominion Energy (D) – Offshore Wind Project Monitor Q320

W|EPC: Dominion Energy (D) - Q320 Offshore Wind Project Monitor Dominion Energy (D) Q320 Capital Project Monitor: Key Takeaways (slide 2) Virginia Clean Energy Act – Why Should You Care? (slide 3) Energy Costs vs. Benefits (slide 4) Coastal Virginia Offshore Wind...

Webber Research: Renewables Weekly

Webber Research: Renewables Weekly

Renewable Energy Highlights: For access information email us at info@webberresearch.com Wild Week For ENPH (page 1) PLUG Acquires United Hydrogen & Giner ELX (page 2) BLDP Follow-On Order From Wrightbus (page 2) JinkoSolar To Supply Bifacial Modules In Chile (page...

Webber Research ESG Scorecard: 2020

Webber Research ESG Scorecard: 2020

*We've included a link to our full length 2020 ESG Scorecard Report in the text below, as we do not believe the data and information within this report should be behind a paywall. Report Link: Webber Research ESG Scorecard: 2020 2020 ESG Scorecard – Updated Model,...

LNG Canada Update: Trouble Ahead For Shell’s LNG Flagship?

LNG Canada Update: Trouble Ahead For Shell’s LNG Flagship?

An Empty Module Yard & Mounting Schedule Delays • Key Takeaways (pages 1, 5) • Estimated LNG Canada Schedule Shifts (page 2-3) • Satellite Image Review: COOEC Fluor Module Yard Layout (May 17, 2020) (page 4) • Satellite Image Review: Module Layout Descriptions...

W|EPC Risks: Venture Global – Keeping An Eye On Pile Design Changes

W|EPC Risks: Venture Global – Keeping An Eye On Pile Design Changes

W|EPC Risks: Venture Global - Calcasieu Pass LNG - Keeping An Eye On Pile Design Changes Key Takeaways: • An engineering design change at Calcasieu Pass (CPLNG) required additional piling and out of sequence construction activities. • Meaningful engineering changes...

EPC Risks: Energy Transfer (ET) Capital Project Monitor – Q220

EPC Risks: Energy Transfer (ET) Capital Project Monitor – Q220

W|EPC: Energy Transfer (ET) Capital Project Monitor - Q220 Energy Transfer (ET) Q220 Capital Project Monitor: Key Takeaways (slide 2) Energy Transfer Capital Budget Overview (slide 3) Energy Transfer: NGL Fractionation History (slide 5) Tale of the Tape: ETvs. EPD...

Southern Company (SO): Vogtle Nuclear Project Q220 Quarterly Monitor

Southern Company (SO): Vogtle Nuclear Project Q220 Quarterly Monitor

Southern Company (SO) Q2 Vogtle Nuclear Project Monitor - Key Highlights: • Vogtle Expansion: 6-Years Late…And ~$13-$16 Billion Over Budget? (Slides 2-5) • How Much Will SO Be On The Hook For? (Slides 3-6) • Something’s Gotta Give: Key Commissioning Milestones Appear...

Webber R|A Renewables Weekly

Webber R|A Renewables Weekly

Webber Research: Renewable Energy Highlights: Orsted JV To Develop Clean Hydrogen In Copenhagen (page 1) US Extends Safe Harbor Deadlines (page 1) Next Generation EU (page 2) Saudi's Alfanar Rumored To Be Senvion India Buyer (page 2) ENPH Collaboration With University...

Webber R|A Renewables Weekly

Webber R|A Renewables Weekly

Renewable Energy Weekly *REGI (Outperform) – Virtual NDR Weds 5/27 To participate email us directly or at info@webberresearch.com Renewables - Weekly Highlights: • GE To Add 193MW Onshore Wind In Turkey – Blades Built In-House (page 1) • SPWR Sells O&M Business,...

W|EPC: Objections To Venture Global’s Storage Tank Design

W|EPC: Objections To Venture Global’s Storage Tank Design

Venture Global –  PHMSA Objects to Calcasieu Pass LNG’s Storage Tank Design A day after Venture Global successfully raised the first LNG storage tank roof (4/27/20) at its Calcasieu Pass LNG facility, PHMSA issued a memo (4/25/20) to FERC objecting to the LNG storage...

Webber Research: Renewable Energy Weekly

Webber Research: Renewable Energy Weekly

ENPH Partners With 5B In Australia GE Renewable Energy Q1 Earnings Sunpower COVID Updates Safe Harbor Deadline Extension Brought To Treasury BNEF Semi-Annual LCOE Update (Page 2, Charts On Page 4) New York Approves Offshore Wind Plans, But Delays Action Due To COVID...

Tankers: Moving From OPEC Trade, To Global COVID Relapse Hedge

Tankers: Moving From OPEC Trade, To Global COVID Relapse Hedge

Tanker Q120 Preview & Storage Update Thesis (EURN, DHT, FRO, ASC, etc) .....................Pages 1-2 Floating Storage Scenario Analysis......................Pages 2-5 Tanker Rates Reactions & Implications .................Page 5 Multi-Factor Supply/Demand...

Exxon, Qatar & Golden Pass: Something’s Gotta Give

Exxon, Qatar & Golden Pass: Something’s Gotta Give

Analyzing Project Costs & Logistics In The COVID Era (Part 1 of 2 - Satellite Image Analysis Later This Week) Golden Pass: 4 Key Takeaways..........................................Page 2 EPC: Monthly Progress Evolution...................................... Page 3...

TPIC: Shuts Iowa/Juarez Facilities – Withdraws 2020 Guidance

TPIC: Shuts Iowa/Juarez Facilities – Withdraws 2020 Guidance

We thought we'd pass along a snippet from our recent note on TPIC (4/23) - highlighting both its 2020 guidance withdraw, as well as the shutdown of its Iowa & Juarez facilities - which, while disclosed in subsequent filings, were not highlighted in the guidance...

W|EPC: Dominion Energy (D) –  Offshore Wind Project Monitor Q320

Renewable Energy: The Next Generation

Initiating Coverage Of ENPH, TPIC, REGI, & ENS Executive Summary .......................................................Page  5 Industry Overviews........................................................Page 9 Near-Term...

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