It is surprising how much small numbers, or small differences in numbers, matter to investment returns, according to one buysider.

"Small numbers separate greatness from mediocrity. Compound interest is the eighth wonder of the world. And, you make more money selling pick axes to miners than being a miner yourself," Jim Murchie of Energy Income Partners LLC said at a recent energy conference. The firm invests only in midstream or infrastructure master limited partnerships and income trusts that own midstream assets.

"Small numbers do matter. The difference between being a player in the AAA baseball league and moving up to the majors is just making one more hit per week, if he plays 162 games a year. [Similarly]...a finding and development cost difference of only $0.30 per thousand cubic feet makes a huge difference in your internal rate of return."

Murchie believes oil-industry profits are beginning to shift to those who "sell the pick axes" -that is, to the providers of oilfield services and infrastructure, and away from oil and gas producers, which is why he focuses on investments in infrastructure and midstream companies.