Those who have been doing their DD on UPDV would tend to agree with you New Age that over the long haul UPDV's the better buy. We're all the subsidiaries big daddy.
That's what UPDV does, acquires O&G related companies at bargain prices and then cracks the whip at them to produce rather than lolly gag around. And IF they produce, daddy keeps the capital flowing to them so that they can continue to grow exponentially. A good business model in my opinion.
And as other's are saying here, UPDV is diversified in it's O&G holdings companies so that lowers the risks to UPDV. These separate subsidiaries such as HTOG, CFUL, etc. are not that diversified so they are riskier bets. Say what you will, but in my opinion Kamal knows what he's doing and has thrown a lot of his own money at his company and only expects huge returns. Hopefully he shares some of that wealth with the shareholders who helped him fund all this.
My opinions