All US investors go into a TotalEnergies strategy presentation grimly determined, ready to concentrate hard. We know the French accents will be a challenge; thick to the point of parody. But yesterday’s strategy presentation turned into a total debacle, as the sound quality of the webcast was atrocious. It would have been incomprehensible if an ac-tor with a cut glass English accent had been making the statements. What we got was French English through a…

We assess the range of outcomes for shareholder returns in 2024 for the diversified large cap E&P universe under three different price regimes: high, low, and strip. For 2024, here is the output: Source: Bloomberg, Company Data, Sankey Research As shown above, four companies meet our “attractive against any stock in the market” hurdle for Big Oils: 10% cash return to shareholders on a sustained basis. MRO, DVN, APA, and FANG. We perceive 2024 to…

Hello, Back from Houston, where it was boiling hot 90+ degrees (what with me wearing a blazer) and everyone was saying how it was nice that temperatures had cooled. Flew straight back in to Newark Friday into a tragic Tropical Storm Ophelia drenching a cool New York, as summer ends officially, this weekend. Yesterday I went out in the rain to get bagels then declared I would not leave the apartment again all day –…