By Paul Sankey
Published on December 21, 2025 at 4:50 PM
Season’s Greetings, As recently as November 11th, I wrote to you about having dinner in Midtown Manhattan with Meg O’Neill, then Woodside’s CEO. So as you can imagine, the announcement Friday that Meg will eventually be the new CEO of BP (she does not start until April 2026) caught my interest. It was a surprise announcement, at least to me. We cover that today. The argument in this note is that BP should consider doing …
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By Paul Sankey
Published on November 23, 2024 at 11:54 AM
Barrick Gold held an investor day yesterday Friday 22nd November 2024, which had us pondering the extent to which: Major investors have little interest in gold mining stocks. I have asked them. Thus gold mining stocks trade at muted multiples Despite the fact that investors clearly love gold, which has been hitting record price highs The argument outlined in this somewhat eccentric note – I will be the first to admit that the full biography …
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By Paul Sankey
Published on February 29, 2024 at 9:03 AM
Market backdrop: our argument that low US refining utilisation this month (Feb 2024) would tend to pressure crude prices, tighten product inventories, and raise product prices, is not working at all, leading us to demand concerns. Refiners have been weak accordingly, even if background GDP data and better than expected China numbers suggest a good year for refiners. It’s not all bad news: crude oil prices are acting well. Generally with seasonality, tough January weather …
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