By Paul Sankey
Published on February 8, 2026 at 7:39 PM
We sent you a note on Uranium this morning, and so will keep this brief. I said I would do return a favour to Hedge Fund guru Doug Garber and join him on a podcast, and now I am being thrown in as a Venezuela expert. Which is the old “tallest dwarf” joke, but here it is, Friday February 13th, don’t forget Valentine’s Day next Saturday: https://shorturl.at/hzIn7 ~ Our note on last Friday’s: “XOM for …
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By Paul Sankey
Published on February 6, 2026 at 9:50 AM
Last night I was chatting to an energy Portfolio Manager (PM) and asked what he thought of the ConocoPhillips conference call, held yesterday: “ConocoPhillips are just waiting to get taken over.” Meanwhile, a different client sent me this doozy from Shell. A -40% Reserves Replacement Ratio, 73% replacement organic, trailing 3 year average 84% reserves replacement, with <8 years reserves life. In case you are new here, we are aiming to replace reserves annually, so …
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By Paul Sankey
Published on February 3, 2026 at 10:35 AM
The end game here is less US oil companies producing less US oil (& gas) for higher pricing and margins. That is exciting. While casual observers might see yesterday’s Devon for Coterra take-under as obviously disappointing – both stocks fell on the day, for the dreaded damp squib double decline, in reality, this a step in a process, not an end game. Devon announces bid for Coterra but “this is far from over”. Next step, …
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