Hello, Back from Houston, where it was boiling hot 90+ degrees (what with me wearing a blazer) and everyone was saying how it was nice that temperatures had cooled. Flew straight back in to Newark Friday into a tragic Tropical Storm Ophelia drenching a cool New York, as summer ends officially, this weekend. Yesterday I went out in the rain to get bagels then declared I would not leave the apartment again all day –…

Greetings from Baytown, Texas, Here at the brand new Hyatt, I awoke this morning to see a massive flare blowing off at the ExxonMobil refinery, which was no doubt an unplanned aspect of the Wall St visit to the refinery. There’s enough heat here already, without that blaze. In more ways that one. The refinery is a massive 584kb/d. For sure it is running. How well, is another question; flaring can be routine, obviously, but…

In this note we re-highlight the merits of Marathon Oil (MRO), particularly as we enter 2024: MRO’s Equatorial Guinea (E.G.) asset sees a major step change in its price realizations & profitability starting 2024, as a terrible long term LNG contract linked to US Henry Hub natgas prices, finally rolls off and steps up to international LNG pricing, implicitly a 3x increase in revenues. Furthermore, we argue that there is significant reserves upside in E.G….