By Paul Sankey
Published on July 30, 2024 at 9:04 AM
*George Orwell wrote a great book “Down and Out in Paris and London” where he lived homelessness, privileged son notwithstanding. If you think there are meth issues in downtown cities, you can read that book, or “Road to Wigan Pier”, and consider how life in big cities was in the 1930s. City life today – London or Paris, San Francisco – is a cake walk. So thereby, all my notes “Letter from…” or “Homage to…” …
Read More
By Paul Sankey
Published on July 9, 2024 at 9:27 AM
Devon buys GME! Gamestop? No, Grayson Mills Energy. To be clear, we like Devon management, we don’t like their strategy. We laid out a carefully considered roadmap for Devon in our February 11th note: “Stop! Unleash the FANG Within” whereby Devon should essentially dispose of everything outside the Permian, focus on its decent Permian position (the FANG within), and massively buy back stock, driving the multiple higher. That would leave them in the position to …
Read More
By Paul Sankey
Published on June 1, 2024 at 12:27 PM
“That must mean we’re up here at Gobbler’s Knob, waiting for the forecast from the world’s most famous weatherman, Punxsutawney Phil.” Phil Connors (Bill Murray), Groundhog Day (1993) We are back to writing about E&P M&A … again. Our conclusions are broadly unchanged: Big companies are being incentivized by the market to take over the small, but with an evolution on the margin that finds asset quality now of equal importance to valuation; we are …
Read More
