Refining Day 1: Hi ho, hi ho, …

By Paul Sankey Published on January 7, 2025 at 5:03 PM

Refining Conference Notes 1/6/25 The five independent refiner managements on our conference virtual chats were surprisingly upbeat given the abysmal refining margin back drop and upcoming challenging Q4 2024 results reports, that will follow on from challenged Q3s. Source: Bloomberg, Sankey Research Conclusion? These are all good managements with defensible strategies. Assuming they all remain safely run, and that’s a big assumption, but one that has been holding, they will tend to trade as a …

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Sunday Gloves On! Energy Conference Competition

By Paul Sankey Published on January 5, 2025 at 5:37 PM

One statistic really struck me from 2024, profoundly. It was from early November, attending the ADIPEC Conference in Abu Dhabi, the largest oil & gas conference in the world, held annually. The numbers: ADIPEC Oil & gas 2025: 180,000 attendees. A week later, at COP 29, there were ~90,000 attendees. There is an obvious observation to be made: media coverage. ADIPEC in no way generated 2x the media interest as COP29 (chart below). But just …

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CASY: Winner Winner Jalapeno Pizza Dinner

By Paul Sankey Published on December 13, 2024 at 4:19 PM

With our research getting backed up this week, because of travel to Houston, this brief note covers Casey’s ($CASY). If this note’s timing is as eccentric as our covering Casey’s, and Caseys’ reporting schedule, (we are somehow in Q1 2025) then we need to publish a brief results review, now or never. We cover “energy & energy adjacent” and like to be differentiated, so we enjoy our coverage of gas station companies because no other …

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