1. The author discusses the strategy of buying on the way down and slowly increasing position size, with Paramount Resources being a rare exception. 2. The combination of the company's net cash on the balance sheet and incorrect option premiums created a unique opportunity. 3. The author mentions the focus on capital preservation and the search for real yields to reduce portfolio volatility.

1. Hess reported unfavorable results in the United States and has been facing profitability issues for some time. 2. Hess Midstream serves a significant part of Hess's U.S. business, and the need for improving profitability is urgent. 3. The uncertainty surrounding the enhancement of profitability affects the future prospects of the stock, with Chevron potentially shutting down operations, selling the business segment, or improving profitability itself. An insider's desire to exit the company adds to the uncertainty.

1. MEG Energy's Q2 update shows successful production but weak cash flow due to inventory buildup and initial TMX filling; 2. The company is ready to pay 100% of FCF to shareholders and has initiated a small quarterly dividend; 3. With current commodity strip prices, the company is valued at 15% returns, prompting an upgrade from Hold to Buy.

1. Enterprise Products Partners and MPLX are both strong candidates for retirement passive income due to their robust business models and balance sheets. 2. EPD's business model is highly defensive with significant contract-based cash flow and diverse assets. 3. MPLX, controlled by Marathon Petroleum, focuses on stable cash flows and strategic growth projects, offering a higher distribution yield.