Chevron: Dinner with Sauce

By Paul Sankey Published on December 1, 2023 at 11:17 PM

“How was dinner with Chevron last night?” asked several clients: My reply: “It was a thirty person private event with lashings of sycophancy, glooped in an ingratiating gravy.” “Yeah” replied a client “I figured, from the sellside notes this morning.” The obsequious sellside is made more striking, because the buyside is currently negative on Chevron. I mean look at the price chart. Hey, the buyside are getting really negative oil. They are pretty negative natgas. …

Refining Thematic III: Trans Mountain Pipeline Expansion

By Paul Sankey Published on November 17, 2023 at 11:43 AM

Trans Mountain Pipeline expansion & WCS Diffs The North American oil world is keenly watching progress on the last legs of the Trans Mountain pipeline expansion, the long-awaited 590 kbd expansion of pipeline moving production from Alberta to the Vancouver area. Costs have ballooned from C$5.4B up to over C$31B and after years of delay, the expansion startup is almost here. This is possibly the single most cost-overrun project in global oil & gas history …