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Quote of the day:

There are moments, above all on June evenings, when the lakes that hold our moons are sucked into the earth, and nothing is left but wine and the touch of a hand.

Charles Morgan
Energy Transition
Paul Sankey

Morning War and Peace, Crime and Punishment

Russia, on Happy Hour this Thursday. Ron Smith, Russia expert, 4pm Zoom. We could not publicize this event sooner, as Ron was on Jury Duty call up for yesterday and… trail collapsed. He is good to join. Ronald Smith is currently the founding partner of Emerging Markets Oil & Gas Consulting Partners (EMOGCP), which he established in 2020. He has 25 years’ experience in equity capital markets and the Russian oil and gas sector, including

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Paul Sankey June 10, 2025 9:48 AM
Energy Transition
Paul Sankey

Valuing AI in Texas Pacific Land (& Permian Oils)

“There is a Lot of Land in West Texas” One of the oldest oil companies in currently quoted US oil equities, Texas Pacfiic Land, originating in 1871, is a barely known outsider that emerged seemingly from nowhere to S&P500 inclusion in 2024: TPL now has a larger market cap (no debt) than Devon, Coterra, Halliburton, Antero or Permian Resources. In this note we deconstruct TPL’s valuation, and establish the massive implied AI Data Center land

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Paul Sankey June 8, 2025 12:11 PM
Energy Transition
Paul Sankey

Morning Ethane, Dysprosium, and Roses

Happy Hour today Mark Rossano, just the man to talk actual data, whether China, US, Europe, oil, natgas, or commodities. Great guest, encyclopedic. He fits perfectly with today’s note. Register here: 4pm today, by Zoom. https://sankeyresearch.com/conference/sankey-strategy-session-mark-rossano-interest-form-2/ Arcane data? Committed readers will be familiar with the whole US ethane-to-China trade which we covered, concluding it had to be exempted, and it was. That was shortly after we pointed out US energy dependence on Canada, notably for

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Paul Sankey June 5, 2025 9:30 AM
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