By Paul Sankey
Published on November 7, 2026 at 2:53 PM
Devon Energy Board’s strategic review culminated with a thud this past week in a “Letter to Shareholders” that accompanied results after the market on Thursday. The letter was met with howls of protest from shareholders (at least the shareholder activists). In this note we consider the Devon board’s memo to itself. The letter was released with good 3Q results, and concluded: “restructuring complete”. The “carry on, as you were” strategy flies in the face of …
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By Paul Sankey
Published on November 6, 2026 at 1:05 PM
Summary of Happy Hour yesterday evening US oil production: Clarke said lower 48 output has been “sneaky” strong. Rigs are up about 40 from the start of the year in the important geographies. Woodmac’s lower 48 crude and condensate exit rate is 11.4m b/d against 11.0m b/d modelled earlier in the year, about 400,000 b/d above its January/February view. He put 2027 growth at 300,000 b/d or more. He attributed the beat to smaller private …
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By Paul Sankey
Published on November 3, 2026 at 9:34 PM
Well, refining is boiling oil, and we got two major refining surprises in four days, with the announcement today that Marathon is selling two rather nice Midwest refineries to Carl Icahn’s Coffeyville, for an absolutely massive price. Key takeaway repeats what we already told you: Valero got Lyondell Houston for a song. Marathon did not have to sell. There is no particular evidence that the company needed the cash, quite the contrary. This is a …
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