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 17, 2026 at 4:27 PM
We had Chevron giving indications for the quarter on “Happy Hour” last week; the other majors have published third-quarter trading updates. Those also give a read for Valero, Phillips 66 and Marathon Petroleum, the independent refiners, and Dow. Not sure I can remember a time that I have loved the big Integrated Oils as much as right now. The risk is excess profit, and thus political windfall tax pressure, but the governments that made that …
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