By Paul Sankey
Published on October 26, 2025 at 7:31 PM
How does value get created and transferred in major energy companies? This past week we had Q3 earnings reports from an interesting representation of key US energy theme companies: Valero in refining, Matador in US exploration and production (E&P), Baker Hughes in transition from oil field service to new technologies, and GE Vernova as a play on “picks and shovels”: for US power demand growth. ~ And the winner was? Not the cheapest (Matador), not …
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By Paul Sankey
Published on April 27, 2025 at 8:17 PM
Greetings, We can keep it shorter today, as yesterday we sent you a Greg Bordelon thematic special on China energy tariffs, not to mention he beat me this evening and released his Model Portfolio note just now. The China note yesterday I most enjoyed reading & editing, and adding fun asides, from the Delta lounge at LAX on Friday night before I took the red-eye back here to Brooklyn. No wonder I never normally take …
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By Paul Sankey
Published on January 16, 2024 at 4:48 PM
The hottest company in the Permian right now, and our TOP PICK for 2023 in US Exploration and Production (E&P), is barely known on Wall Street, nay, barely known outside their home city of Midland, West Texas. PERMIAN RESOURCES ($PR) is a $10B market capitalization, $14B enterprise value (EV) company producing some 300 thousand barrels of oil equivalent per day (kboe/d) of which just under half is oil. Management has an excellent reputation among those …
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