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Quote of the day: “The real problem of humanity is this: we have Paleolithic emotions, medieval institutions and godlike technology.” E.O Wilson
Energy Transition
Paul Sankey

Sunday’s First Rule of Wall St: Keep Your Seat

Ten days ago I was chatting in the lobby of a major hedge fund to a senior sales guy at a massive market maker. That day the market, particularly the NASDAQ, was coughing violently with an increasingly red face. “I’m bearish,” he told me outright. “Pretty, pretty bearish. We have to flush out CoreWeave. And that will lead to a lot of other stuff getting flushed.” This week, CoreWeave reports (Tuesday 10 November after the

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Paul Sankey November 8, 2026 8:27 PM
Energy Transition
Paul Sankey

Thematic: Devon, Activists, and the Corporate Raiders

Devon Energy Board’s strategic review culminated with a thud this past week in a “Letter to Shareholders” that accompanied results after the market on Thursday. The letter was met with howls of protest from shareholders (at least the shareholder activists). In this note we consider the Devon board’s memo to itself. The letter was released with good 3Q results, and concluded: “restructuring complete”. The “carry on, as you were” strategy flies in the face of

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Paul Sankey November 7, 2026 2:53 PM

Premium Only: US E&P Robert Clarke Wood Mac transcript and replay

Summary of Happy Hour yesterday evening US oil production: Clarke said lower 48 output has been “sneaky” strong. Rigs are up about 40 from the start of the year in the important geographies. Woodmac’s lower 48 crude and condensate exit rate is 11.4m b/d against 11.0m b/d modelled earlier in the year, about 400,000 b/d above its January/February view. He put 2027 growth at 300,000 b/d or more. He attributed the beat to smaller private

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Paul Sankey November 6, 2026 1:05 PM
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