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Quote of the day: In a war of ego, the loser always wins
Energy Transition
Paul Sankey

BP: Cut to SELL on (yet another) Chairman being Fired

As I just said to a hedge fund “this better be really, really bad” in regards to the shock announcement that Albert Manifold has been unanimously fired by the board of BP. To us, this is a disaster in terms of the concept that Manifold was fully hands-on as Chairman, in BP HQ five days a week with “only one small side project”. The concept was that Manifold’s performance at CRH would be driven into

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Paul Sankey May 26, 2026 8:57 AM
Energy Transition
Paul Sankey

Devon: A Man, a Field, an Ox, an Acre

Greetings, Refusing to chase Hormuz headlines for risk of insanity, I took a wander through the E&P headline of the week: Devon’s record-breaking $2.6 billion Federal Lease buy from the Bureau of Land Management in the prime Permian Delaware Basin, New Mexico. It was a historic sale—sweeping up 16,300 acres at a staggering $161,500 per acre—that triggered me to once again go down a rabbit hole driven by my own interest; sense-checking some old valuation

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Paul Sankey May 25, 2026 6:28 AM

Happy Hour Replay: Matt Polyak, L/S Energy PM

Matt Polyak of Hummingbird Capital has excellent returns running long/short energy equities. It is always interesting to listen to a PM, and hard to find any that can talk. Matt is his own CIO. He follows around 230 names aiming to do up to 5 company calls a day. That is a surefire way to get your ideas right. I mentioned how at Enercom, in-person meetings for me resulted in Long ProPetro, loved the CEO,

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Paul Sankey May 22, 2026 12:27 PM
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