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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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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By Paul Sankey
Published on September 8, 2024 at 2:34 PM
Greetings from Lake George, Upstate New York, where the oak leaves have begun to turn to Fall; driving yesterday was four hours to Boston to watch Harry play college soccer, then another four hours to upstate forests. We spent two hours charging the EV, it was highly inconvenient. That’s a lie, we drive gasoline, nobody takes epic drives in EVs. The extra half an hour was in truth grabbing the best pizza in the world, …
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