The Gold Report: After the Prospectors and Developers Association of Canada Convention in March, you said that the next 12-18 months could define how investors, speculators and mining companies perceive and value both the junior and major mining sectors. That was before the volatility of mid-April. With higher production costs being the new normal, what percentage of miners can make money at the current gold price?

Brent Cook: That is a

Kinder Morgan Energy Partners (KMP) is the largest independent owner and operator of petroleum product pipelines in the U.S. Its pipelines transport natural gas, refined petroleum products, crude oil, carbon dioxide (CO2) and other products, while its terminals store petroleum products and chemicals and handle bulk materials such as coal and petroleum coke.

Kinder owns or operates more than 28,000 miles of pipeline and approximately 180 terminals. The terminals store petroleum products and chemicals, besides handling bulk materials such as coal and petroleum coke. The partnership is also the largest carbon dioxide marketer and transporter in the country.

Operations

Kinder divides its operations in five business segments -

• Natural Gas Pipelines (26% of 2012 EBITDA)
• CO2 Pipelines (30%)
• Products Pipelines (19%)
• Terminals (19%)
• Kinder Morgan Canada (6%)

Key figures ($ in millions)

May 21, 2013 5:00 am ET

Executives

Sergey Vasnetsov - Senior Vice President of Strategic Planning & Transactions

Presentation

Unknown Analyst

So good morning. My name is Jasper Brosmer [ph]. I run the U.S. sales force in Europe. I'm filling in for Duffy Fischer, the research analyst who isn't here today. I'm very pleased to welcome Sergey Vasnetsov back once again. He will present -- he will be presenting on behalf of LyondellBasell, one of the world's largest plastic, chemicals and refining companies, with annual revenues of about $45 billion. Lyondell has turned into an industry leader within petrochemicals, where it now produces products at 58 sites in 18 countries and supplies customers in more than 100 countries.

One region in particular where LyondellBasell's asset base is outperforming its peers is in the U.S., where the advantages from the U.S. shale gas revolution have been front

So far in 2013, Energy Transfer Partners has announced a number of positive events: the acquisition of Holdco from Energy Transfer Equity (ETE); the selling of its interest in the Southern Union Company to Regency Energy Partners (RGP) for cash and Regency units; and that its Sunoco Logistics (SXL) subsidiary entered an agreement to move forward with a liquefied petroleum gas project.

In particular, we're excited about the Mariner South project Sunoco Logistics announced with Lone Star. CFO Martin Salinas added some interesting commentary on the deal, saying:

"…only this week Sunoco Logistics and Lone Star announced the Mariner South

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The term "country risk" is often associated with factors such

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Factors such as political risk, exchange rate risk, economic risk, sovereign risk, transfer risk, socio-economic risk and others are included in most definitions of country risk. In a series of recent articles we collated country risk ratings for numerous countries from

May 21, 2013 9:05 am ET

Executives

Mike Middlebrook

Laith Sando

Analysts

William A. Featherston - UBS Investment Bank, Research Division

Presentation

William A. Featherston - UBS Investment Bank, Research Division

Okay. I think we're going to get started this morning. I'd like to welcome everyone to our UBS Global Oil & Gas Conference. I think this is the ninth year we've done it in Austin, but the first year at the Four Seasons, so we're very excited about the new venue. And I think we have a very exciting lineup for you over the next 3 days. And we're pleased to kick it off with Range Resources with a very large and dominant position in the Marcellus Shale. Here to tell us about it is Mike Middlebrooke who runs Northern Marcellus Shale division, and we also have Laith Sando from the IR division. So with

Walsh said all the right things, and it's worthwhile taking a look at them, as the strategy of the company is one that should be considered a bellwether for the mining industry in general. If you're looking at miners, the actions and ideas presented by Walsh should be taken into account in the analysis of other mining companies. If they aren't taking similar actions, they could be in real trouble in the current economic environment.

Walsh is focusing on four basic areas: cutting capex, lowering operating costs, selling non-core assets, and boosting production. At this time

The stock opened trading on Friday up $0.42 (7.5%) to $6.01. Around noon the stock traded at $6.73 (up

May 21, 2013 10:30 am ET

Executives

Keith E. Alessi - Executive Chairman and Chairman of Executive Committee

Jennifer S. Grafton - General Counsel, General Counsel of Compliance & Corporate Governance and Secretary

Presentation

Operator

The Westmoreland Call Annual Meeting of Stockholders will now begin.

Keith E. Alessi

Good morning. This is Keith Alessi in Englewood. I'm the Chairman of Westmoreland. We're here this morning to have our virtual shareholder meeting for the year. We see there's a number of folks online, and we welcome you aboard. In the past, we've had these live and in person and really haven't had much participation. So we look forward to having the virtual meeting.

For those of you that attended annual meetings in the past, you'll know that the actual meeting itself will only go a couple of minutes as the vast majority of votes are cast with

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In this article I will feature two basic materials stocks that have seen intensive insider buying during the last 30 days. Intensive insider buying can be defined by the following three criteria:

1. The stock is purchased by three or more insiders within one month.
2. The stock is sold by no insiders in the month of intensive purchasing.
3. At least two purchasers increase their holdings by more than 10%.

1. Emerge Energy Services LP (EMES) focuses on owning, operation, acquisition, and development of energy service assets in the United States.

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Insider buying by insider (last 30 days)

• Ted Beneski purchased 60,000 shares on May 14 pursuant to the initial public offering. Ted Beneski currently controls 10,636,117 shares or 45.8% of the company. Ted Beneski

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With current Henry Hub prices ranging around the $4/MMBtu mark, dry producers are still not in the money which, according to Bentek, would require prices in the range of $4.50-$5/MMBtu. On the other hand, wet producers are able to attain 30-40% IRR at prices between $3-$4/MMBtu. The result is what you see below in this (albeit, somewhat dated) chart, which depicts the rise/decline of rig counts by wet and dry:

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As you can see, at the time there was, understandably, no growth in rig counts in

Short sellers benefit when share prices fall. Their collectively increased short positions on a stock indicates a belief that there is more downside than upside to price in. For this list, we screened for increased shorting month over month representing at least 2% of share float.

We then looked for possible fundamental catalysts, which might have lead to the negative sentiment.

First we screened our list for less than encouraging trends in returns, including: Return on Assets (ROA), the result of dividing a company's annual earnings by its total assets, Return on Equity (ROE), the total net income returned as a percentage of shareholders equity, and Return on Interest (ROI), a measure of profitability that is calculated by dividing net profits by total assets.

Next we searched for stocks with weak

Chieftain Metals (CFTMF.PK) is one of these companies that has a combination of a great mineral resource location and is in the final stages of proceeding with development

Baker Hughes (BHI), Halliburton (HAL) and Schlumberger (SLB) are leading suppliers of oilfield services, products, technology and other systems to the worldwide oil and natural gas industry. These companies are investing billions of dollars in an effort to grow oil and gas production, and they are top companies in the industry. If you are considering buying stock in the oil and gas industry, you might find it hard to decide which of these three you will go with. It is good then to consider valuations prepared for these companies.

Concerning the Investment Valuation of these companies, let's look at the margin of safety of Benjamin Graham. These three companies have passed the requirement of Graham of being at least 40-50% below the true values of the stocks - good Buys. Let us find out which stock among these three companies is the best candidate for a

In Q1 2013 Linn Energy reported a 69% year over year increase in production from 471 MMcfe to 796 MMcfe. LINE increased EBITDA 18% year over year from $302 million to $356 million. It reduced

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Despite the collective performance of the basic materials sector, the companies below trade near their 52-week highs so, in their case, a rising short interest would be more indicative of sellers expecting a pullback.

For this article, I have highlighted the short interest of Exxon Mobil and BP. They were selected because they were the only two of the eight major integrated oil & gas companies below with significant changes in the amount of short interest, as of the end of April.

It seems that news about the fixing of trillion dollar markets is becoming, well, rather routine. First there was Libor, then there was the announcement that the Commodities Futures Trading Commission (CTFC) was investigating the possible rigging of the interest rate swap rate, another market in the hundreds of trillions. Then in mid-April the EU announced that it was investigating possible price manipulation in the $165 trillion physical-oil market. That's three price fixing scandals slap bang on each other's heels, all involving trillion dollar markets.

The public has not yet got worked up about the first two since the instruments involved are so far out of the ordinary person's view that the response, if you stopped someone on the street would be, "Sorry, never heard of it..." The alleged oil price scandal, however, could strike a lot closer to home. Motorists

Looking for the next hot Basin in the U.S., an investor will stumble upon the Denver-Julesburg (DJ) Basin where the dominant formation is the Niobrara shale. The industry is still in the early stages of unlocking the potential of the Niobrara and Codell formations in this Basin as different spacing densities within multiple formations are still being delineated.

Although the large caps always attract most of the attention in any play, there are also companies that are worth a deeper look because they might be good short candidates or potential buyout targets. One thing is for sure: Not all the shale plays are created equal, and Niobrara or Codell are not Bakken or Eagle Ford.

The Synergy Case

With this in mind, let's check out Synergy Resources (SYRG) whose operations are in the DJ Basin. Synergy holds 218,000 net acres, spread out in Colorado, Wyoming, Nevada

Chevron history

The oldest predecessor of Chevron, the Pacific Coast Oil Company, was founded 134 years ago in 1879, in the same year that the famous "inventor" of the theory of relativity, Albert Einstein, was born, for those of us who happen to be interested not only in investing but also in history. In fact, relativity is a very relevant concept for investors, as stock prices are also relative - relatively cheap or expensive, compared to the intrinsic value of the companies and prices of other stocks and asset classes. Stock dividend yields are relatively high or low as compared to a risk-free interest rate, bond yields, or other forms of income