Commodity Culture Is Energy a Contrarian's Dream? Peak Oil Demand 'Lifetimes Away': Will Ulrich
Feb 13, 2026
Will Ulrich, Co-CEO of Presidio Petroleum, a cash-flow focused oil and gas operator. He argues peak oil demand is lifetimes away and talks about underinvestment and fading ESG overhangs. He explains Presidio’s income-first model, optimizing mature production instead of drilling. He also covers financing innovations and a sizable dividend plan.
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Valuation Disconnect In Energy
- Oil and gas make up ~3% of S&P 500 market cap but historically contributed ~10% of free cash flow to the index.
- Will Ulrich sees a valuation disconnect creating opportunity as investors underallocate to the sector.
Drilling Inventory Is Dwindling
- Industry-wide inventory for economical new drilling has shrunk, forcing firms to conserve locations for higher prices.
- Technological gains could boost production, but current prices make many locations uneconomic.
Peak Oil Demand Is Far Off
- Peak oil demand projections miss the durability of hydrocarbons in global manufacturing and transport.
- Global population and economic growth—especially in India, China, and Africa—support long-term hydrocarbon demand.