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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By Paul Sankey
Published on October 19, 2025 at 8:10 PM
Greetings from a very “Fall” Brooklyn Heights, Just a quick wander today, later this week we will warm up for Rich Kruger on Happy Hour (CEO Suncor) with the look at the drama between Cenovus, MEG, and Strathcona. Canadian oil takeover drama. https://sankeyresearch.com/conference/sankey-strategy-session-rich-kruger-president-ceo-of-suncor-interest-form/ Not so much Autumn and Guy Fawkes night, I left London somewhat sad, blew into Nashville, and now am back in New York City. Darkness coming earlier; the wind whips the drying …
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By Paul Sankey
Published on September 21, 2025 at 5:46 PM
The world seeming began to turn with a couple of comments I was making last week “Why is China storing so much oil?” that was originally included in last week’s note on global LNG over-supply, but was then saved for this week. Sure enough, Javier Blas went after the question directly in a column on Wednesday: “Why is China Stockpiling So Much Surplus Oil?” Adding to the Zeitgeist shift on oil – Peak Oil Supply …
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