By Paul Sankey
Published on March 31, 2024 at 3:39 PM
Greetings! Happy Easter. Spring is here, early spring, in Brooklyn Heights. I have begun to spend long moments staring at the garden. I shift to another spot and stare at the beds again. No meaningful gardening action as of yet. One asparagus tip has emerged from last year’s “growing asparagus” debacle. Things are going well for us; where do we stand at end-Q1 2024? As Q1 closes, the first slide is titled: “Energy dangerously close to …
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By Paul Sankey
Published on March 2, 2024 at 6:35 PM
From left field, ExxonMobil threw a wrench in the Chevron deal for Hess, a deal which we love from Chevron’s point of view. At the time, we were working on a look at Chevron in the Permian, and this is that note. First, the anaconda in the room: Source: Sankey Research Word on the street this week has been that ExxonMobil wants to buy all of Hess, but is currently prevented from making a move …
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By Paul Sankey
Published on February 13, 2024 at 8:47 AM
At 6x pro forma EBITDA, FANG should be worth $180-190/share considering $11-12B EBITDA, less purchase-price adjusted net debt and midstream subsidiary Venom (VNOM) non-controlling interest. From there, it is a gravitational pull to $200. Everyone loves round numbers. Like 5,500 on the S&P500. Or Nvidia $1,000. But for oils, we have to rely on fundamental cashflow-based valuation. Source: Company reports, Sankey Research ~ Today’s WSJ feature on Autrey Stephens, the owner of Endeavor Energy, confirms …
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