By Paul Sankey
Published on August 20, 2026 at 7:24 AM
Greetings from Scandanvia, The left-wing utopian monarchy – I did not use the word socialist – is of course Denmark. We visited to have dinner at the most exclusive/inclusive restaurant in the world. Noma. We are now in Norway and I participate in the major ONS Conference next week on “AI and Energy”. Full service resumes with September, we will not be having Happy Hour for August recess, and have Happy Hour live on 9th …
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By Paul Sankey
Published on September 30, 2025 at 1:19 PM
Happy Hour Jeanine Wai, former top-ranked US Major Oil analyst, now IR with TOTAL, fresh from their analyst meeting that was held Monday this week, and subsequent investor feedback. Owing to Yom Kippur (after sundown tomorrow) we are bringing the call forward to 12pm ET Wednesday October 1st. That’s 5pm for me in London. Register here for Ms Wai, PREMIUM EVENT: https://sankeyresearch.com/conference/sankey-strategy-session-jeanine-wai-totalenergies-interest-form/ Like ENI, TOTALEnergies is planning to grow quite fast: 4% annual growth. And grow free …
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By Paul Sankey
Published on August 14, 2024 at 9:49 AM
A focus note for you today, on Darling and the California Low Carbon Fuel Standard which has been an important factor in the weakness in West Coast refining margins, that is bleeding into wider refining margin weakness vs current refiner earnings estimates for Q3. We show in this note that California diesel is now 60% renewable, with attendant pressure on refining margins there, as gasoline demand has peaked, and 25% of vehicle sales are electric. …
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