By Paul Sankey
Published on November 8, 2024 at 7:30 AM
Daylight Savings Time claimed yet another victim, as I flew in from Abu Dhabi last evening, landed 8.30pm, and was whizzing back to London base in a cab, when Greg called: “Are you getting on Happy Hour?” he asked. Sure enough – “it’s not until 10pm” was the wrong answer. We hacked it from the back of the cab. ~ At ADIPEC I was watching a CVX executive and a Microsoft executive give the usual …
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By Paul Sankey
Published on June 1, 2024 at 12:27 PM
“That must mean we’re up here at Gobbler’s Knob, waiting for the forecast from the world’s most famous weatherman, Punxsutawney Phil.” Phil Connors (Bill Murray), Groundhog Day (1993) We are back to writing about E&P M&A … again. Our conclusions are broadly unchanged: Big companies are being incentivized by the market to take over the small, but with an evolution on the margin that finds asset quality now of equal importance to valuation; we are …
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By Paul Sankey
Published on April 20, 2024 at 10:16 AM
A major client liked the chart we published last week, highlighting that Schlumberger has a pattern of under-performing quarterly earnings reports. Quod Errat Demonstrandum, as SLB under-performed on its results yesterday, despite a headline beat. All you can analyse is the margins, and guidance outlook change. They came in neutral to mildly negative on a stock that is relatively expensive. SLB was down -2.14% in a tape which saw the mighty energy sector XLE power …
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