By Paul Sankey
Published on March 27, 2026 at 10:03 AM
If ever there was a graveyard slot, it is the Friday of CERAWeek. This year the giant executive conference was a bit of a dud, basically because the GCC Oil CEOs, such as Amin at Aramco, KPC, Qatar, cancelled attendance. And everybody is clueless on how to open the Strait. Kathleen has a non-consensus view on our Zoom, linked below. But it remains an amazing event to meet oil celebrities in passing. Certainly I was …
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By Paul Sankey
Published on February 19, 2026 at 9:21 AM
DINO: well, I have seen some bizarre quarterly earnings beats, some bizarre management changes, but HF Sinclair DINO’s results yesterday were extraordinary. With the Street estimating 45c of Q4 earnings, the company reported a huge beat, underlying $1.20 of EPS, the abrupt exit of the CEO, an audit review whereby the results were un-auditable as of now, and then the Chairman came on the call, and said “I’m the CEO now, we can’t audit our …
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By Paul Sankey
Published on February 6, 2026 at 9:50 AM
Last night I was chatting to an energy Portfolio Manager (PM) and asked what he thought of the ConocoPhillips conference call, held yesterday: “ConocoPhillips are just waiting to get taken over.” Meanwhile, a different client sent me this doozy from Shell. A -40% Reserves Replacement Ratio, 73% replacement organic, trailing 3 year average 84% reserves replacement, with <8 years reserves life. In case you are new here, we are aiming to replace reserves annually, so …
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