By Paul Sankey
Published on February 6, 2026 at 9:50 AM
Last night I was chatting to an energy Portfolio Manager (PM) and asked what he thought of the ConocoPhillips conference call, held yesterday: “ConocoPhillips are just waiting to get taken over.” Meanwhile, a different client sent me this doozy from Shell. A -40% Reserves Replacement Ratio, 73% replacement organic, trailing 3 year average 84% reserves replacement, with <8 years reserves life. In case you are new here, we are aiming to replace reserves annually, so …
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By Paul Sankey
Published on February 3, 2026 at 10:35 AM
The end game here is less US oil companies producing less US oil (& gas) for higher pricing and margins. That is exciting. While casual observers might see yesterday’s Devon for Coterra take-under as obviously disappointing – both stocks fell on the day, for the dreaded damp squib double decline, in reality, this a step in a process, not an end game. Devon announces bid for Coterra but “this is far from over”. Next step, …
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By Paul Sankey
Published on February 1, 2026 at 7:29 PM
Brrr, It’s absolutely freezing here in New York city, the ruddy East River has only frozen (see above) and the streets are a bleached hellscape of black-iced pavements walled by dirty ice-snow piles topped with backed up garbage and passing dogs. Everything is frozen solid, the wind outside is howling, here in Brooklyn Heights above New York Harbor. Oof. Source: Weather.com, NOAA Back to natgas in a second, but as a historian, I would be …
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