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Quote of the day: “Life should not be a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside in a cloud of smoke, thoroughly used up, totally worn out, and loudly proclaiming “Holy Shit! What a Ride!” – Hunter S. Thompson
Energy Transition
Paul Sankey

Sunday Answer Steve: Buy (more) Old Economy Stocks (like Oils)

We sent you a note on Uranium this morning, and so will keep this brief. I said I would do return a favour to Hedge Fund guru Doug Garber and join him on a podcast, and now I am being thrown in as a Venezuela expert. Which is the old “tallest dwarf” joke, but here it is, Friday February 13th, don’t forget Valentine’s Day next Saturday: https://shorturl.at/hzIn7 ~ Our note on last Friday’s: “XOM for

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Paul Sankey February 8, 2026 7:39 PM
Energy Transition
Paul Sankey

Uranium, CCJ, NexGen, and Bull Riders

Later today, a brief Sunday weekly outlook note. One key item this week: NexGen Energy (NXE) will hold its final public licensing hearings for the Rook I uranium mine project. We are due a major decision on the mine’s regulatory progression. Alongside Cameco ($CCJ) as the market default North American uranium-to-nuclear power play, $NXE is a market darling play on a next-gen mine (ie Rook I, the one subject to decision next week). Targeting 2030

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Paul Sankey February 8, 2026 10:39 AM
Energy Transition
Paul Sankey

Who Buys a COP?

Last night I was chatting to an energy Portfolio Manager (PM) and asked what he thought of the ConocoPhillips conference call, held yesterday: “ConocoPhillips are just waiting to get taken over.” Meanwhile, a different client sent me this doozy from Shell. A -40% Reserves Replacement Ratio, 73% replacement organic, trailing 3 year average 84% reserves replacement, with <8 years reserves life. In case you are new here, we are aiming to replace reserves annually, so

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Paul Sankey February 6, 2026 9:50 AM
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