Quote of the day: That old September feeling, left over from school days, of summer passing, vacation nearly done, obligations gathering, books and football in the air…Another fall, another turned page: there was something of jubilee in that annual autumnal beginning, as if last year’s mistakes had been wiped clean by summer – Wallace Stegner

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Paul Sankey

Sunday Parkinson’s Law and Dinosaurs

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 –…

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Paul Sankey

Morning flares and flames

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…

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Paul Sankey

Marathon Oil: The Bull Case from E.G. LNG

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….

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