Insights from Brad Thielemann and Patrick Williams. Got non.

The anticipation was palpable. A friend reminded me in mid July to “…sign up or there will be no available seats; it promises to be exceptional...” As I regard HPF as pivotal in industry leadership, I have missed only two events since my first visit August 18, 2022, leading up to today's session with Brad and Patrick. I prepared for the objective panel but found no link to connect with the historical context or to envision the future.

I expected to gain insights from Brad mostly, as Patrick is concerned, I learnd first hand experience that he is mostly introvert, with protective air space, and again with Brad that I could align with historical facts and apply to my objectives and expectations within the midstream sector and beyond, as Patrick is locked down.

Reflecting on the historical landscape, my interest was piqued a few years before KKR's acquisition of RJR Nabisco in 1988/9?, a management buyout at approximately $80? p/s. This event was a precursor to the wave of new ventures that emerged as part of the American Phenomenon, which I rank just below my favored topic, The American Industrial Revolution. RJR and KKR were early results of this revolution. Subsequently, we observed the emergence of Berkshire Hathaway under Munger and Buffett, followed by Vanguard Financial with John Bogle, Blackstone, Rich-Pincus, and others. I anticipated valuable insights from Brad Thielemann and Patrick Williams. Got non.

I hoped to learn from both panelists how they and their companies could facilitate substantial growth for businesses like our VANGUARD Capital Equities. Unfortunately, I and for that matter anyone else did not gain any “insider” information about services or products offered by Brad and Patrick. Had I been new to the venue, I would have been unclear about the industry being discussed. Both Brad and Patrick frequently mentioned cross-border movements with Canada and some others and the notion of “winning some - losing some,” followed by the assertion that “...past performance is crucial in securing funding from EnCap and NGP...” What’s up guys?

I believe that under certain conditions, by eliminating the “...lose some - win some...” approach, I could establish a syndicate to acquire EnCap and NGP ENERGY CAPITAL, adhering to stringent M&A procedures and focusing on efficient cost management and risk mitigation during integration. Success or failure will hinge on the integration process. If executed correctly, cost reductions could lower operational expenses significantly, requiring less than a 10% increase in value to make it a landmark deal, surpassing KKR's acquisition of RJR Nabisco. Since the redundancy is so pronounced, the fat trimming should be nothing more than a cake walk, and many broken hearts.

I inquired with several attendees about their impressions of the session. None provided objective or conclusive feedback. Responses ranged from “...it was good...” to “...it was nice to listen...good to check what is going on...” There were few questions posed. Aside from myself typing notes on my phone, I did not observe anyone else taking notes as the meeting concluded.

By Czes’ Zalech

Brad Thielemann, got the price for the rum for what it was worth