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 October 28, 2026 at 12:17 PM
Terrific Happy Hour this week, with Robin Mills, a stone-cold Dubai-based geopolitics expert, who was excellent when we had him on in March this year. We need him now. Guest – Robin Mills, Non-Resident Fellow at the Center on Global Energy Policy & CEO of Qamar Energy. Date/Time – tomorrow Thursday 10/29 at 12pm ET (to accommodate Robin live from Dubai where he is based). Full Robin bio to follow before the call. Registration – …
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