Art and oil have more in common than people think. Both are finite resources whose value depends entirely on what someone is willing to pay.

artoilArt Basel interview, 2014

Oil prices are ultimately determined by geology and thermodynamics, not by what traders think on any given Tuesday.

commoditiesfundamentalsReuters interview, 2011

The bonus was in my contract. I earned it. The political optics were someone else’s problem.

compensationcontroversyNew York Times profile, 2009

I missed the shale revolution. Anyone who says they saw it coming at scale is lying or got lucky.

failurehumilityIndustry event, 2017

The best commodity trades take years to play out. If you need to see results this quarter, you’re in the wrong business.

commoditieslong-termPhibro investor presentation, 2007