By Paul Sankey
Published on November 7, 2026 at 2:53 PM
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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By Paul Sankey
Published on November 1, 2026 at 9:03 PM
Greetings, Two big things today, we approach the week with Mid-term Election trepidation, after a violent end to last week, and Apple earnings etc tomorrow. Plenty of oil earnings. By Friday we will be all-but done, with EOG reporting. A major Long Only client pointed out that BP earnings estimates are far too low, on a stock that already looks extremely cheap. We had a little mutter about the Sellside these days, by which there …
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By Paul Sankey
Published on October 31, 2026 at 9:13 AM
Paul: How does life in Iran relate to the regime under this pressure? Robin: There were huge protests in January, put down very brutally, with thousands killed. Some of the higher numbers are nonsense, but clearly many thousands were killed and many others detained. That happened before the war. From the regime’s point of view it was almost the best thing that could have happened: they killed or imprisoned a lot of potential troublemakers just …
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