At a time when emotions hold more sway over oil prices than the laws of supply and demand do, S&A Resource Report Editor Matt Badiali still likes big oil—a segment with such diverse assets that he refers to oil companies as "hedge funds"—that isn't too dependent on offshore supplies. He's optimistic about opportunities for the domestic service companies that stand poised to take their expertise to sovereign states to turn around poorly managed national oil companies. He also likes the outlook for producers that have gone back to long-abandoned oilfields using state-of-the-art enhanced oil recovery (EOR) techniques to draw out billions of barrels that remain in the ground. On the natural gas front, Matt's pretty cautious. While he favors natural gas income trusts, he's wary of master limited partnerships and steers wide of ETFs. "But bottom line," he tells Energy Report readers in this exclusive interview, "in one of the greatest bull markets of all time, you've got to have exposure—you absolutely must."

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