Can't Deny It - An Unlikely Wall Street Career and the Calls that Reshaped the Energy Industry

by Doug Terreson

In this compelling memoir, Douglas Terreson, one of Wall Street's most influential energy analysts, takes readers on a journey through the high-stakes world of global oil markets and financial powerhouses. From his humble beginnings on offshore oil rigs to making billion-dollar calls that reshaped the energy industry, Terreson's story is one of perseverance, insight, and the courage to challenge the status quo. He reveals the inside story behind his legendary market predictions, including the "Era of the Super-Major," the "Golden Age of Refining," and "The Pledge," which sent shockwaves through the industry and made fortunes for those who listened. Terreson's career also spans some of the world's most complex energy privatizations, from Norway to China and even Venezuela. But it's not all smooth sailing-Terreson's contrarian stance during the 2008 financial crisis nearly cost him his career, only to be vindicated in spectacular fashion. Interwoven with tales of deep-sea fishing adventures and coaching little league, this book offers a unique perspective on the global energy landscape, the cutthroat world of Wall Street, and the delicate balance between professional success and personal fulfillment. Whether you're an investor, industry professional, or simply curious about the forces shaping our energy future, Terreson's story promises to educate, entertain, and inspire- while forever changing how you view the energy sector and the power of visionary analysis.

252 pages, Hardcover

Published November 11, 2024

Reviews

[Louisiana460 · Rating 5 out of 5]

This book offers a rare glimpse into the high stakes world of energy, investments and corporate strategy. Authors ability to see major shifts and make appropriate calls is inspiring. The writing is clear and packed with real world lessons. Whether you are interested in business or leadership this book delivers. Its a fascinating mix of personal ambition, industry impact and a deep understanding of financial markets.

[Amanda V · Rating 5 out of 5]

Doug traces his own journey from the Gulf Coast all around the world, from hired hand on offshore platforms to engineer to financial analyst, who not only predicted but whose firm facilitated both the privatization of and mergers of oil giants to become super-giants and dramatically changed the landscape in the oil industry (and probably other industries that saw the value of consolidation, too). My own dad was a petrochemical engineer who worked at Mobil Chemical most of his career. He had retired by the time these mergers were happening and I remember how stunning this consolidation era was to him in real time. Doug tells a great story in an accessible way that gave me inspiration on some of my own business dilemmas as a founder of an educational technology start-up. Part of that story is the marathon experience of people who accomplish valuable goals, the courage required to take a risk, the work ethic in knowing your craft, and the importance of becoming a fully privatized business when you want to compete effectively in the marketplace. I loved the China stories in particular and felt like I was there, too, eating snake and getting to sit in the cockpit on the way back from a business trip. There is something in this book for everyone, but I would say it’s an especially good read for young people dreaming about making their own mark on the world.

[Smith · Rating 5 out of 5]

If you want to understand what a sell-side equity analyst does - this is the book for you. Doug Terreson is a highly regarded equity research analyst who covered the oil industry for several decades. He walks you through his important insights, you learn about the oil industry and a facet of Wall Street too.

[Bob Fraser · Rating 4 out of 5]

Very interesting read about the oil industry in this country…the author is considered one of the leading oil analysts for the last 30+ years, having led the Morgan Stanley team for 15+ years. It’s especially interesting today considering that the Elliott Group is fighting Phillips 66 over what they describe as “poor and ineffective management” when the author (Doug Terreson) sits on the P66 Board of Directors.

[Jennifer Kyle · Rating 5 out of 5]

I knew Doug from undergrad at Mississippi State. He was well liked and got along with everyone. We lost touch after he graduated. I knew he was a petroleum engineering major and worked on Gulf Coast rigs during the summer, but had no idea about his life story. I just remember a guy who looked like he lived at the beach wearing shorts and t-shirts to class. From Pascagoula to Starkville to summers in Louisiana to onshore and offshore projects in Texas, Louisiana, Mississippi, Alabama and Florida to Newfoundland back to Florida to Chicago to Boston to NYC to Houston to Fairhope, AL, Doug's story is compelling. A kid from Mississippi ends up making a huge impact in the energy industry- a great American success story!

Whether you're an investor, financial professional or in the corporate world, you can appreciate Doug's journey from a roustabout (deck hand) on a Louisiana dredge barge to becoming the top energy analyst on Wall Street at Morgan Stanley. It's a reminder that hard work is still a major ingredient to success in this country. I appreciate Doug's approach to outlining his career path and interweaving it with major events within the oil and gas industry. He explains the ins and outs of the the energy patch with just enough detail so you can understand this unique and important asset and its place in our economy. His insider's perspective and involvement in some very pivotal moments in the energy arena with some heavy hitters will keep you engaged.

Loved the personal stories about raising three kids and navigating the world of competitive youth sports. Yet in the midst of all of that he managed to reach out to help kids in the community who did not have a stable social structure to try to make a difference. That's one thing on the personal side that stood out: balancing work, family and helping others in one of the largest cities in the U.S.

I found his book not only extremely informative, but inspiring and highly recommend it. You'll learn about how Wall Street works, the people behind it, and how adhering to your values and convictions pays off in the long run.

[Esther · Rating 5 out of 5]

Can’t Deny It is an outstanding memoir - collectively insightful, witty, invaluable, and did I say witty? Doug has the unique ability to weave his personal narrative with insightful commentary on the Oil & Gas industry's shifting landscape.

As a young professional in finance, I found this book to be an invaluable resource, offering a fascinating look at key historical moments, the art of deal-making, and how companies juggle corporate strategies with investor priorities.

With Doug’s experience as a lead analyst on Wall Street and later coaching Little League softball, he effortlessly makes complex financial and technical concepts accessible to readers from all walks of life.

The storytelling is captivating and paced just right to never lose momentum. Whether it’s his reflections on the industry’s most challenging moments or his commentary on the need for innovative, value-driven initiatives, this memoir is as educational as it is entertaining.

I highly recommend Can’t Deny It to anyone with ties to the oil and gas industry. My grandfather, who worked in the field, couldn’t put it down—sparking conversations and memories he hadn’t shared in years.

[Vern Buzarde · Rating 5 out of 5]

As someone who spent their career on the Operations side of the oil business, I found Doug Terreson’s book fascinating. Much of what he recounts fits into my memory like missing puzzle pieces in my own historical narrative.

More importantly, this book provides an insight into the predatory and competitive nature of Wall Street at the highest levels, as well as the back story to some of the biggest M&A deals in corporate history based on Doug's original ideas. His conviction in the face of seemingly overwhelming adversity is a testament to tenacity and great character, something I like to think was influenced to a certain degree by a humble background growing up in Mississippi.

“Can’t Deny It” is an opportunity for readers to glean insights into the volatile and chaotic world of oil commodities, as well as a terrific tutorial of how the industry's biggest players were forced into a new paradigm in order to survive.

A true success story recounted honestly and articulately. A great read!

[Emily May · Rating 5 out of 5]

Great book! Interesting insights into the energy business that make me reevaluate my assumptions and things I "knew" such as EBITDA is the paramount financial metric. But more than that, Doug Terreson's book makes me think about how our work and careers define ourselves, impact others, and how important it is in the scheme of things. As successful as he was over a 35 year career, evaluating energy companies and changing the industry in ways that enhanced stock values, as I read his book, Doug's work with youth as a coach, and in mentoring teens and young adults, created even more value to him. And to us all.

Read it for insights into the energy industry. Or insights into how to have a successful professional career, following the data and your instincts, and not the herd, to advise clients. Read it for how to hold onto the things that matter in the midst of a busy and demanding life or career. But read it.

[Dalia · Rating 5 out of 5]

As a former client who read Doug Terreson’s research in real time, Can’t Deny It is an excellent and concise history of the modern oil & gas sector. Across all sectors, I can count on one hand the number of Wall Street analysts whose research influence was so great that executives of listed companies would be forced to respond and seek shareholder feedback on what was written. Doug is one of those few. To say his research was influential is to understate it. Anyone who might consider a career on Wall Street, investment research, or asset management should read CDI. If you “do the work” you can have a successful career regardless of your background, and Doug Terreson always did the work in everything he did.

[Sarah (The Clever Reader) · Rating 5 out of 5]

Doug Terreson’s story is pure energy industry legend—literally. From directional drilling in the Gulf of Mexico to calling the shots on Wall Street, this guy has done it all. He’s the brain behind the “Era of the Supermajor” thesis that sparked mega-mergers in the late ‘90s, and his knack for bold predictions—like the "Golden Age of Refining" and nailing the 2020 energy market rebound—cemented his spot as a top energy analyst. With a career that’s spanned hands-on rigs, high-stakes privatizations, and managing billion-dollar funds, Doug’s insights are anything but ordinary. You’ll hear about his no-BS approach to restoring discipline in the industry and how his blend of field smarts and financial wizardry shaped the modern energy world as we know it. The GOAT of Wall Street oil analysts.

[Falguni · Rating 5 out of 5]

I've known Doug for 45 years. This is a well written autobiographical sketch of his romp through the oil and gas industry; an industry that he learned from the ground up (literally). Doug is the epitome of knowing that if you're going to buy and sell with any success, you have to know your product. He obviously did his work, made well-educated decisions, and stuck to his principals even when others well-respected industry experts disagreed. I highly recommend reading this book that's not only a well-written memoir, but also a history book that makes you think, "Now what was I doing when Doug did this, and what was I doing when he did that?"

[Lynda G · Rating 5 out of 5]

What sets this book apart is how it combines an inspiring personal journey with razor-sharp financial insights. The author’s rise through the ranks and ability to make industry-defining decisions is both fascinating and educational. Every chapter is filled with valuable lessons on risk-taking, leadership, and understanding market trends. Even if you have no prior knowledge of finance or the energy sector, this book will keep you engaged from start to finish. A must-read for aspiring professionals and business leaders alike!

[Peter Monn · Rating 5 out of 5]

If you've ever wondered how major financial decisions reshape entire industries, this book is for you. The author's first-hand experiences in the energy sector and Wall Street, make for an eye-opening and engaging read. The writing is both accessible and deeply insightful, giving readers a front row seat to the power moves that changed the game. Whether you're an investor, entrepreneur, or just curious about the world of energy and finance, this book provides valuable lessons wrapped in a compelling narrative., Highly recommended!

[Vilma Iris · Rating 5 out of 5]

Can't Deny It is a fantastic read that hooked me from the start. As someone outside the energy industry, I loved how it doubles as a gripping personal story and a clear, fascinating history lesson on the energy sector. Terreson’s journey from small-town roots to Wall Street is inspiring, and his straightforward, lively writing makes it all so easy to enjoy. It’s both entertaining and eye-opening, offering a front-row seat to an industry’s evolution. I’d recommend this book to anyone—it’s a 5-star gem!

[Stewart · Rating 5 out of 5]

As a fellow Mississippi boy, I love it when one of our own makes good. Doug Terreson’s journey through the energy industry and through life is a testament to the power of hard work, perseverance and courage. His ability to stick to his guns despite overwhelming Wall Street pressure to join the herd is truly inspiring. Regardless your profession or avocation, Doug’s story provides timeless lessons on how to make the most of what life offers you. A truly worthwhile read. Thank you, Doug.

[Elizabeth Sagan · Rating 5 out of 5]

Great read from arguably the best wall street energy analyst of all time. If you're looking for a fascinating read on the inner workings of wall street investment banks and the global energy business, this is the book for you. Very entertaining book filled with important tales of personal development. Doug rose to the top of a very challenging and competitive industry and wasn't afraid to challenge the status quo.

[Bessie Gonzales · Rating 5 out of 5]

What a great perspective for the non-Wall Street crowd like myself. Great story, and told really well.

I knew Doug was in the energy business but my recollections were that he was working as a petroleum engineer on oil rigs in the Gulf of Mexico. Until recently, I had no idea of the influence he had on the global energy markets. Great catching up with him recently and super glad he decided to share his story in “Can’t Deny It.” Amazing read about an amazing career. #Nit

[Michelle · Rating 5 out of 5]

What a great perspective for the non-Wall Street crowd like myself. Great story, and told really well.

I knew Doug was in the energy business but my recollections were that he was working as a petroleum engineer on oil rigs in the Gulf of Mexico. Until recently, I had no idea of the influence he had on the global energy markets. Great catching up with him recently and super glad he decided to share his story in “Can’t Deny It.” Amazing read about an amazing career.

[Ava · Rating 5 out of 5]

This book offers a human look at an industry often seen through numbers and charts. The author brings energy investments and corporate strategy to life with vivid stories and real stakes. It’s more than insight—it’s perspective shaped by decades of decision-making in high-pressure environments. A smart, memorable read for those who value depth over drama.

[Greg Gordon · Rating 5 out of 5]

Great book by a legendary oil and gas securities analyst about his role in and Birds Eye view of fairly recent tectonic changes that shaped the oil and gas industry as it is currently configured. If you read “The Prize” this is a must read.

[Cindy Newton · Rating 5 out of 5]

What a great lesson learned from reading this book! You don't have to be an Ivy Leaguer or be well connected to become wildly successful. It's amazing the harder the author worked, the luckier he got with opportunities that came his way.

Enjoyed the read!

[Freya · Rating 5 out of 5]

While this book deals with complex topics it is a thoroughly enjoyable easy read. Doug illuminates the importance of independent thinking and a willingness to take risks. He basically provides a template for what is necessary to separate oneself from the crowd albeit at a very high level. If you want to catch the big fish, diligently conduct your own research, develop convictions through that research, and do not fear going where others are not.

[Elsa Love · Rating 5 out of 5]

Fascinating read about a boy from small town Mississippi who became the Number One oil analyst! He made some of the most impactful changes in the oil industry by challenging the norms. Well written, so that even those without an intimate knowlege of oil industry could understand

[Lola Love · Rating 5 out of 5]

If want to know the importance and challenges of the product that has lead to the rapid development of our world, this is the book for you. Doug shares his vast experience and remarkable prescient of the global oil industry.

[Gretta · Rating 5 out of 5]

Fascinating read about a boy from small town Mississippi who became the Number One oil analyst! He made some of the most impactful changes in the oil industry by challenging the norms. Well written, so that even those without an intimate knowlege of oil industry could understand

[Khanh (the meanie) · Rating 5 out of 5]

A great read and the epitome of an American success story.
Very enlightening about Wall Street.

[Karen Clayton · Rating 5 out of 5]

The book gives a really incisive overview of the historical dynamics of oil companies and crude prices but does so in a way that is digestible to the average reader. Highly recommend!

[Ira Lowe · Rating 5 out of 5]

Great book with deep insight into an industry that is probably the most important in the world. From humble beginnings on the Mississippi Gulf Coast to the pinnacle of Wall Street , quite a ride!

[Lillian Harper · Rating 5 out of 5]

Amazing insights into the career of a boy from Alabama who made it to the top….his calls on energy investing over 25 years were absolutely the most impressive of all time …. A must read

[Joe Russell · Rating 5 out of 5]

I read Doug’s book in less than a 24 hour period. It is an insightful evaluation from a most credible participant of the world’s oil and gas industry over the last 40 years.