By Paul Sankey
Published on May 1, 2024 at 6:23 PM
First the shock news… FTC to approve XOM-PXD deal. Then the condition: Pioneer CEO Scott Sheffield cannot join ExxonMobil’s board because of anti-competitive collusion with OPEC. All this is as reported by the Wall Street Journal this evening. Knee jerk first thoughts: Very first thought? You have to suppress a wry smile. Imagine the weeping and wailing at ExxonMobil’s “God Pod” management floors at this loss; get the Pioneer acreage, but not Scott Sheffield. Gosh darn …
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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 6, 2024 at 2:38 PM
In this note we consider BP’s position in BPX, its US onshore play, in the context of the overall investment case for BP. Source: BP The following thoughts emerged, embracing multiple metaphors: “A camel is a horse designed by a committee”. BP seems designed by committee. It is a jack of all trades, where it should be the master of one. What is the elevator pitch for buying a stock? BP takes a trans-continental train …
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