By Paul Sankey
Published on April 21, 2024 at 6:02 PM
Today, after a preamble, perhaps ramble, a rant, we talk about Namibia. It is clearly emerging as the next Guyana. What does that mean for the world? More market supply shift towards the Atlantic Basin, offsetting Russia, pressuring capital & quota discipline in the Middle East. Structurally adds to the death of Peak Oil Supply as a concept, if you missed the burial. Namibia can add incremental oil that pressures prices to the detriment of …
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By Paul Sankey
Published on April 20, 2024 at 10:16 AM
A major client liked the chart we published last week, highlighting that Schlumberger has a pattern of under-performing quarterly earnings reports. Quod Errat Demonstrandum, as SLB under-performed on its results yesterday, despite a headline beat. All you can analyse is the margins, and guidance outlook change. They came in neutral to mildly negative on a stock that is relatively expensive. SLB was down -2.14% in a tape which saw the mighty energy sector XLE power …
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By Paul Sankey
Published on April 12, 2024 at 10:52 AM
News: An amended S4 was filed today by Chevron. New news is that they asked the tribunal (International Chamber of Commerce in the Hague) for the merits of the case to be heard in Q3 with a decision by year end. News: Guyana Stabroek partners sanction a 6th Guyana floating production and storage vessel (FPSO) as expected. Whiptail will develop >850 mmboe for $12.7B, an encouraging improvement on finding and development (F&D) basis relative to …
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