By Paul Sankey
Published on July 25, 2025 at 9:46 AM
It hardly feels like a co-incidence, that Elliott Management are the common denominator between PSX and MPC and Suncor, the similarity being that activist-engaged new CEO Rich Kruger at Suncor blew the doors off operational performance. Remarkable turnaround. Re-worked management systems. And today from nowhere, PSX blew the doors off operational performance that led to a big beat: EPS $2.38 vs the Street at $1.71, with a beat on every line. From a nasty -$328m …
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By Paul Sankey
Published on July 24, 2025 at 5:19 PM
There’s an oilfield service stock we like! FTI. There is an almost-oilfield service stock we like: Synopsis Energy Infrastructure. Other results Valero, great company. Enphase, single biggest loser from Trump II – painful place to be, we are not far off six months in, to four years. We do a little turn on Darling, after Valero, below, and a couple of others at the end, called things like Tesla and Google. So, some very interesting …
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By Paul Sankey
Published on July 20, 2025 at 5:49 PM
I sent you a slab of text yesterday, a Thematic, our favourite work, on US power markets, and specifically the upcoming PJM auction results. I have re-attached the note to this email so you can plunge into it, if you have not already. It’s linked at the end of this note and is entitled “Understanding PJM: The Auction” which results are due this week, Tuesday 22nd July. ~ Top of mind, very disappointing share price …
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