California write-downs: Chevron, ExxonMobil, and Brangelina

By Paul Sankey Published on January 13, 2024 at 11:41 AM

This year started with massive writedowns from both Chevron and ExxonMobil in California. You don’t need to read the all-time classic of industry literature, “Oil!”, by Upton Sinclair (nor watch the classic film “There Will Be Blood” which is based on the book) to know there is a long and storied history of oil in California. In this note we write brief histories that led to the write-downs. Spoiler alert, we start with the conclusions,…

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Sunday Pens, Words, and Swords

By Paul Sankey Published on December 31, 2023 at 4:45 PM

Happy New Year’s Eve, Brooklyn Heights. Three nephews are staying with us from Mexico, they left this morning at 9am… to join the line for the holding pens at Times Square. The pens are opened at 11am, so they will be in line for two hours, then to be admitted to be penned for 13 hours, for the midnight ball drop. Incidentally the ball drop was introduced over 100 years ago when fireworks were banned…

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