By Paul Sankey
Published on April 18, 2024 at 8:48 AM
<Brooklyn rap radio/Jamaica DJ horn> BBBRRRRAAAAP!: Tonight on Happy Hour, Tommy Marchetti. 4PM ET open mike. Plenty of chat as energy earnings started last night with Kinder and continue tomorrow with Schlumberger. Fresh from his four years at Cornerstone Macro then Piper Sandler as Global Energy Strategist, oil on Wall Street legend Tom Marchetti will be giving his stream of consciousness tonight. Starting as an accountant with KPMG, Marchetti joined J Aron/Goldman Sachs in 1994, …
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By Paul Sankey
Published on April 7, 2024 at 5:02 PM
We sent you a theme note on BP & BPX yesterday, which was quite sad, remembering the John Browne Sun King glory days. In fact “harsh but fair” was feedback from one US E&P CEO. But as I have said many times, “if you ever feel sorry for an oil CEO, short the stock.” What should BP do? Get into Namibia. Buy a Gulf of Mexico deepwater player, but first cut out of transition investment; …
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By Paul Sankey
Published on April 6, 2024 at 2:38 PM
In this note we consider BP’s position in BPX, its US onshore play, in the context of the overall investment case for BP. Source: BP The following thoughts emerged, embracing multiple metaphors: “A camel is a horse designed by a committee”. BP seems designed by committee. It is a jack of all trades, where it should be the master of one. What is the elevator pitch for buying a stock? BP takes a trans-continental train …
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