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

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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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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Strategy Session 4pm ET (now) Robert Clarke Wood Mackenzie US E&P

Happy Hour today, to help you think about the potential for major M&A in US oil & gas, we have an exploration and production (E&P) focus. Major E&P M&A and consolidation are very much in the air. My pet theory is Chevron for ConocoPhillips, but the market is all over Devon as a breakup or takeover. We just got EQT for Range. Wildcard might be ExxonMobil for Oxy, XOM can use its balance sheet, taking

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