By Paul Sankey
Published on August 1, 2025 at 4:56 PM
Client comment of the week: “I’ve received 20-25 notes from Neil Mehta (Goldman Sachs lead oil analyst) in the last 12 hours. It’s bananas”. TOTAL $TTE feedback Major Long Only: “Your math on TOTAL’s dividend yield is so bad, I want to cry”- But my point was correct! Huge cash yield, great company Major investor: You made great (positive) comments on Enterprise. Couldn’t agree more. Key here is estate management, you buy it for the …
Read More
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 …
Read More
By Paul Sankey
Published on July 18, 2025 at 10:53 AM
Just to note I am jumping on CNBC around 11:10am to talk CVX-Hess completion. You know we always tell you our view first… (ie need to send you a note before CNBC) but in fact there is a management call for analysts at 12pm, so there will be more to say later today. CVX pre-emptively fired -20% of their workforce, so you can expect the $1bn synergy target to be guided towards year end completion, …
Read More
