By Paul Sankey
Published on July 31, 2024 at 8:19 AM
Just some bits & pieces of transcripts for you today, more on the London property market at the end. We note, but do not pretend to cover, Microsoft warning on AI (Artificial Intelligence) profitability, ASML with good numbers (we continue to recommend Chip War as a must-read book to understand all this) but we do talk about independent power player and cult 2024 stock Vistra popping with others – Talen is one we have talked …
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By Paul Sankey
Published on March 8, 2024 at 10:03 AM
Rounding out our series on the drama of US natural gas – the under-pinning of the global energy economy – we combine the latest news on gas rig cuts with 10K reserves filings to show a concerning picture for the US natural gas market and gassy equity valuations. Relatively, and long term, we like Antero on liquids-rich production, deep inventory and strong propane. Similarly Range (RRC) has the second highest NGL cut after Antero. We …
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By Paul Sankey
Published on February 21, 2024 at 9:15 AM
Good news: Chesapeake is cutting activity in US natgas. In the “long cuts/short active” gas drillers pairs, we like propane-rich Antero long vs Short EQT who continue to keep activity high. EQT is supported by its hedging, which makes no sense to us: these financial instruments can be used to maintain cashflow, with no need to maintain activity. Generally, we do not like dry gas plays in 2024, but would favour Chesapeake with capex discipline, …
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