By Paul Sankey
Published on December 21, 2025 at 4:50 PM
Season’s Greetings, As recently as November 11th, I wrote to you about having dinner in Midtown Manhattan with Meg O’Neill, then Woodside’s CEO. So as you can imagine, the announcement Friday that Meg will eventually be the new CEO of BP (she does not start until April 2026) caught my interest. It was a surprise announcement, at least to me. We cover that today. The argument in this note is that BP should consider doing …
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By Paul Sankey
Published on November 9, 2025 at 5:34 PM
Busy week ahead! ENI ringing the bell on the NYSE tomorrow with management comments meeting for analysts. I’m seeing if I can jump on CNBC while I am on the exchange floor. It is a TV set and bell ringing photo op these days. The traders nowadays are chips in data centers. Those guys on the floor are extras. Woodside CEO Meg O’Neill dinner on Tuesday. CVX post-Hess analyst meeting Wednesday November 12th. Happy Hours …
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By Paul Sankey
Published on October 28, 2025 at 2:23 PM
Torsten Slok, Chief Economist Apollo, published this chart Monday, we are all familiar with the theme. Source: Torsten Slok, Apollo Considering the scale “Capex Share of Operating Cashflow %” made me wonder, and caused me to recreate the chart but add the Big Oils. Given Torsten lists five Hyperscalers, I simply used five historic mega-oils, ExxonMobil, Chevron, Shell, TOTAL, and BP. Result: Source: Bloomberg, Sankey Research That certainly changes the perspective, and obviously becomes a …
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