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Quote of the day:
  • “If you have an apple and I have an apple and we exchange these apples then you and I will still each have one apple.
  • But if you have an idea and I have an idea and we exchange these ideas, then each of us will have two ideas.”
— George Bernard Shaw
Energy Transition
Paul Sankey

Venezuela Intelligence (or lack thereof)

Good evening, We have previously noted that the Trump Administration needs a foreign war to get past the raging Epstein dumpster fire. Venezuela looks juicy for a distraction. We also noted that this Administration likes major news announcements on key dates, and these can come during major holiday news lulls, ie today. Key numbers, after I did the ring around on Venezuela: As of 2019, Venezuela was estimated ~1.9mb/d production capacity. The Vice President just

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Paul Sankey December 24, 2025 6:57 PM
Energy Transition
Paul Sankey

Sunday BP’s Marguerites and Bumerangues

Season’s Greetings, As recently as November 11th, I wrote to you about having dinner in Midtown Manhattan with Meg O’Neill, then Woodside’s CEO. So as you can imagine, the announcement Friday that Meg will eventually be the new CEO of BP (she does not start until April 2026) caught my interest. It was a surprise announcement, at least to me. We cover that today. The argument in this note is that BP should consider doing

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Paul Sankey December 21, 2025 4:50 PM

Ding-a-ling Santa Stavros on Happy Hour now + Refining Conference

Chris Stavros Happy Hour now at 4pm ET. https://sankeyresearch.com/conference/sankey-strategy-session-magnolia-ceo-chris-stavros-interest-form/ Refining conference! Jan 5 @10:00am – Marathon Petroleum – Maryann Mannen, CEO + team Jan 5 @11:15am – Greg Goff – Senior Refining Executive Jan 5 @1:00pm – Delek – Avigan Soreq, CEO & Mohit Bhardwaj, IR Jan 5 @2:00pm – Par Pacific – Will Monteleone, CEO & Shawn Flores, CFO Jan 9 @11:00am – PBF Energy – Matt Lucey, CEO & Joe Marino, CFO Jan 12 @3:30pm – Phillips66 – Mark Lashier, CEO, Kevin Mitchell, CFO & Jeff Dietert, IR Feb 4 @4:00pm – VLO – Lane Riggs +

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Paul Sankey December 18, 2025 2:12 PM
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