Independent Research & Consulting
LNG & Energy Infrastructure
Utilities, Midstream & IOCs
Corporate & Buyside Consulting
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.
Michael Webber, CFA
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 & 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 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 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.
Managing Partner, W|EPC
Energy Engineering, W|EPC
Project Execution, W|EPC
What we do
Key Takeaways: Enterprise (EPD) PDH-2 Q420 Project Monitor & Satellite Image Review EPD PDH 2 - Project Delay Analysis. In Q220, EPD announced a 3-month schedule slip (from Q123 to Q223), potentially limiting future change orders (i.e. cost escalation) related to...
Webber Research: Renewables Weekly 11/18/2020 Highlights: • PLUG - $846MM Public Offering • ENPH ACM Partnership & Dist Agreement In The Philippines • BLNK Cable Management Solution • AMRC Completes Two Projects • FLR Collaboration With Sargent & Lundy On...
Webber Research: Renewables Weekly 11/05/2020 Baker Hughes (BKR) Buys Carbon Capture Platform Dominion (D )Proposes 9 New Solar Facilities For ~500MW AMRC - 2 New Contracts In Oregon Neste Acquires Neighboring Refinery Plant ITRI Deploys AMI In Canada AGR Investor Day...
Webber Research Call Series – Monday, October 26th – Vogtle Nuclear Project Monitor – Key Decisions That Could Haunt Cost Prudency
Please join us for the latest Webber Research Client Call on Monday, 10/26 at 12PM, when we'll discuss our latest deep dive into Southern Company's Vogtle Nuclear expansion. For access information, please contact us at [email protected], or our Institutional...
W|EPC: Southern Company (SO) – Q420 Vogtle Project Monitor – Key Decisions That Could Haunt Cost Prudency
Key Takeaways: Vogtle Q420 Monitor - Key Decisions That Could Haunt Cost Prudency Who Will Be Getting Stuck With +$2.1B In Cost Overruns? Once Vogtle Unit 4 reaches “fuel load”, Georgia Power/Southern Company (GP/SO) can request a cost prudency determination to push...
Webber Research: Renewables Weekly 10.20.20 Highlights: • CEC Releases Clean Transportation Plan (page 1) • New York Set 70% Renewable Energy Mandate By 2030 (page 1) • ENPH Partners With Natura Living In Thailand (page 1) • ENS Partners With alpha-Encorp (page 2) •...
Please join us for the latest Webber Research Client Call on Wednesday, 10/21 at 12PM, when we'll discuss our latest thoughts on LNG Canada. For access information, please contact us at [email protected], or our Institutional Sales Desk at...
Shell ∙ Fluor ∙ Mitsubishi ∙ PetroChina ∙ PETRONAS ∙ KOGAS Table Of Contents: LNG Canada Q4 Monitor: Key Takeaways……………………........….…Page 2 LNG Canada Cost & Schedule Updates Updated Estimates…………………………..……………….….……..Page 4 Project...
Hydrogen ∙ Ammonia ∙ Methanol Table Of Contents: Key Takeaways And Flow Of H2 & CO2………………………………………Page 2 Hydrogen’s Upstream Electrolysis Technologies & Market Leaders…………………….…..…Page 6 Blue Hydrogen CO2 Issue………………………………………….…….Page 7 Hydrogen Is...
Initiating Coverage Of PLUG, BLDP, & SEDG Plug Power (PLUG) Company Overview - Page 5 Plug Symposium (Raw Notes) - Page 10 Investment Rationale / Key Points - Page 12 Primary Risks - Page 14 Valuation - Page 15 Ballard Power Systems (BLDP) Company Overview - Page...
Webber Research Technical & Commercial Project Consulting Overview – detailing our expertise across a wide variety capabilities, services and experience. If you’re a project stakeholder, developer, creditor, or operator, we’re heard to add value and minimize risk from your process.
Our Focus: LNG, Biofuels, Renewables, Petrochemicals, and broader Energy Infrastructure
Renewable Biofuels - Refinery Conversions, Crack Spreads, & Risks Q420 Key Takeaways (page 2) Biofuels - Costs, Risks, & Incentives (page 3) Renewable Fuels vs. Traditional Refining Economics (page 4) Crack Spread Analysis – Ratios Matter (page 5) The...
Webber Research: Hydrogen Tracker 09/09/2020 Recent News (page 1) M&A Tracker (page 3) Valuation Summaries (page 3) Hydrogen Production Costs (page 4) Industry/Background (page 6) LH2 Carrier Progress (page 7) • GM Forms Strategic Alliance With Nikola: On 9/8, GM...
Renewable Methanol & Hydrogen - Analyzing Methanex’s (MEOH) Geismar Facilities - September 2020 Methanex & Renewable Methanol - Key Takeaways (page 2) Renewable Methanol (page 3) Methanol Feedstock & Applications (page 4) Hydrogen is Getting Cheaper (page...
Golden Pass LNG: Our Delay & Contingency Fund Estimates Continue to Ramp Key Takeaways:• Chiyoda’s Engineering Delays Continue. We believe engineering delays have eroded a significant portion of the EPC risk, contingency, and profit, with the likelihood of ramping...
W|EPC: Assessing Force Majeure Impact on Calcasieu (Venture Global), Golden Pass (Exxon, QP) & Sabine (Cheniere)
Webber Research - Energy EPC Marco & Laura Impact Could Last 7 to 14 Days…Depending on Damage & Craft Labor RetentionEPC contractors receive schedule relief for Force Majeure (FM) events (i.e. named storms such as Marco & Laura) in industry standard EPC...
W|EPC: Gorgon LNG – Operational Breakdown Could Have Contributed To Kettle Cracks – Mid-October A More Likely Restart Timeline
W|EPC: Gorgon LNG - Operational Breakdown Could Have Contributed To Kettle CracksMid-October May Be A More Likely Restart Timeline Key Takeaways:Pump The Brakes: While potential fabrication errors have been the primary narrative around the Propane Kettle cracks that...
W|EPC: Venture Global & Calcasieu Pass LNG - Satellite Image Review (ICA & Fluor) & More Engineering Changes. Key Points: Calcasieu Pass Revises Key Engineering Documents (Again). Over the past two weeks Calcasieu Pass (CPLNG) submitted engineering updates...
LNG Canada Q320 Monitor - Labor Dynamics & Baseline Satellite Image Review Shell • Petrochina • Mitsubishi • Kogas • Petronas 1) Union Craft Avg. Wage Rate Escalators & Impact On JGC/Fluor, and broader project cost... What’s Happened/Changed: Part of our...
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...