By Paul Sankey
Published on June 8, 2025 at 12:11 PM
“There is a Lot of Land in West Texas” One of the oldest oil companies in currently quoted US oil equities, Texas Pacfiic Land, originating in 1871, is a barely known outsider that emerged seemingly from nowhere to S&P500 inclusion in 2024: TPL now has a larger market cap (no debt) than Devon, Coterra, Halliburton, Antero or Permian Resources. In this note we deconstruct TPL’s valuation, and establish the massive implied AI Data Center land …
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By Paul Sankey
Published on May 18, 2025 at 2:30 PM
This Sunday note is primarily further to Woodside. We had dinner with Graham Tiver, Woodside CFO, last Tuesday evening. ~ Right now we are focusing on thematic research, because there ain’t no point in chasing this market day-to-day. With that said, to now comment very briefly on markets, we had Torsten Slok on Happy Hour Thursday, so we are covered on macro. We emailed you his slides. Every indicator with the possible exception of US …
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By Paul Sankey
Published on May 7, 2025 at 9:43 AM
Tomorrow LIVE Thursday 5/8/25 Happy Hour in Boston 4:30pm at Bostonia Public House. Drinks on me. With a degree of inappropriateness, I said that we sought recommendations for a cool bar in Boston, the “type of bar that has a hot chick DJ’ing”. I was thinking Miami or Dubai vibe. Client response to my query for “that” bar: “Have you ever been to Boston?” Furthermore, our base load client has dropped out, this will be …
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