By Paul Sankey
Published on April 17, 2024 at 10:41 AM
Today’s note is just bits and bobs: In the oil space, we are at 75% of peak media attention. Any higher, is generally a sell signal, but we are not quite there yet. It takes $100/bbl+ or $4.50/gallon nationwide pump price for me to get the call from the Mitch Albom Show which is peak USA Today territory. Mitch has sold 40m books (The Five People You Meet in Heaven etc) and runs a conservative …
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By Paul Sankey
Published on January 14, 2024 at 6:00 PM
Greetings, We sent you a California write-down theme note yesterday “Exxon, Chevron, and Brangelina”, concluding that you want to own oil and gas companies exposed to California because of the State’s self-imposed tightening of its own energy balances. Essentially California is becoming steadily more import dependent, particularly for natural gas, which dominates its power supply. Key names are, CRC, Tourmaline, Matador, midstream Kinder and Plains All America, and of course Chevron and ExxonMobil, the last …
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By Paul Sankey
Published on January 13, 2024 at 11:41 AM
This year started with massive writedowns from both Chevron and ExxonMobil in California. You don’t need to read the all-time classic of industry literature, “Oil!”, by Upton Sinclair (nor watch the classic film “There Will Be Blood” which is based on the book) to know there is a long and storied history of oil in California. In this note we write brief histories that led to the write-downs. Spoiler alert, we start with the conclusions, …
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