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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By Paul Sankey
Published on December 21, 2025 at 4:50 PM
Season’s Greetings, As recently as November 11th, I wrote to you about having dinner in Midtown Manhattan with Meg O’Neill, then Woodside’s CEO. So as you can imagine, the announcement Friday that Meg will eventually be the new CEO of BP (she does not start until April 2026) caught my interest. It was a surprise announcement, at least to me. We cover that today. The argument in this note is that BP should consider doing …
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By Paul Sankey
Published on June 26, 2025 at 1:30 PM
Starting in a couple of hours, 4pm ET, me vs Dan Dreyfus, hedge fund CIO, Bornite Capital. Join, he sees the world extremely clearly, which is helpful. Register here for this Premium Event. Hard to get credible money managers to talk about managing money. https://sankeyresearch.com/conference/sankey-strategy-session-daniel-dreyfus-bornite-capital-interest-form-2/ ~ Shell for BP, chatting to my legal snout in London, my thoughts that maybe Shell was being cute in its denial statement regarding a BP takeover “not considering”, “not …
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