NEW YORK—The mood enveloping the 25th Oil & Gas Investment Symposium (OGIS) tilted less toward silver anniversary and more toward an intervention.

While alternative investments, notably royalty holdings but also real-estate investment trusts, non-operated interests and mineral owners had strong stories to tell, most worked to put on a happy face. Among them:

All producers spoke of cash flow discipline, but only a few could state they were living within their means;

Many others highlighted their cost and debt reductions with expectations of getting to free cash;

Most stressed how cheap their shares were.

After a while, speakers started to echo the line from “Monty Python and the Holy Grail”: “I’m not dead (yet).”

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