What does it take to invest through energy volatility?

In this episode, Ben West sits down with Neda Jafar, Partner at Kimmeridge, to explore how investors can navigate uncertainty across energy markets.

Six months ago, when this conversation was recorded, the market backdrop looked very different. Oil prices, geopolitical risks, AI-driven power demand, and the growing strategic importance of natural gas had yet to dominate headlines in the way they do today.

Yet one of the reasons we wanted to release this discussion now is that the core investment principles outlined by Neda remain remarkably durable, regardless of where commodity prices sit or what the macro environment looks like.

Neda explains why successful energy investing is ultimately less about predicting the next move in oil or gas prices and more about disciplined underwriting, asset quality, balance sheet strength, and understanding where you sit on the cost curve.

Together, Ben and Neda discuss:

• Why asset quality and cost of entry matter more than short-term commodity price forecasts

• The importance of stress testing downside scenarios and ensuring businesses can survive periods of volatility

• Why being at the front end of the cost curve is one of the few reliable protections in a cyclical sector

• How capital discipline, conservative leverage, and strong balance sheets create resilience through market cycles

• The role of technical expertise in separating genuine value opportunities from value traps

• Why investors should focus on underlying asset value rather than market consensus or headline multiples

• How natural gas has evolved from a controversial fuel source into a critical component of global energy security, AI infrastructure, and power reliability

• The long-term implications of data centre growth, LNG exports, and the emergence of a more globally connected gas market

Perhaps most importantly, Neda explains how investors can position themselves to not only withstand volatility but use it to their advantage.

Whether oil is $50, $80 or $100 per barrel, the framework remains the same: own high quality assets, partner with technically capable operators, maintain balance sheet discipline, and never lose sight of downside protection.

For generalist investors looking to understand how experienced energy investors navigate uncertainty, this conversation offers a valuable blueprint that is just as relevant today as it was when we recorded it.