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Sunday Sankey

Quote of the day: In a war of ego, the loser always wins

Sunday Mencho, Mensch, and Mojtaba

Short note today, I’m sick. Under the weather. It has been a crazy week to say the least, starting last Sunday with the assassination of Mexican Cartel boss El Mencho, directly inconvenienced and certainly struck fear into several members of my wife’s family (Puerto Vallarta airport attacked etc, although the footage of the burning plane was fake). Reeling from El Mencho last Sunday, we then got two feet of snow in 12 hours that served

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Paul Sankey March 1, 2026 1:36 PM No Comments
Energy Transition
Paul Sankey

Sunday Distilling US Distillate

Pondering the potential disaster of the incoming blizzard that has started here. Our Monday JFK flight to London at 9am… Cancelled First world problem Some 80% of the world’s population has never taken a plane. As of 4pm snow barely an inch ~ This note is a bullish US Distillate note. Strong demand, flat supply. Bullish complex refiners such as Valero, Marathon Petroleum and PSX, but the rising tide lifts all US refining boats, assuming

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Paul Sankey February 22, 2026 5:53 PM No Comments
Energy Transition
Paul Sankey

Holly Go Heavy: DINO CEO Go Mystery

DINO: well, I have seen some bizarre quarterly earnings beats, some bizarre management changes, but HF Sinclair DINO’s results yesterday were extraordinary. With the Street estimating 45c of Q4 earnings, the company reported a huge beat, underlying $1.20 of EPS, the abrupt exit of the CEO, an audit review whereby the results were un-auditable as of now, and then the Chairman came on the call, and said “I’m the CEO now, we can’t audit our

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Paul Sankey February 19, 2026 9:21 AM No Comments
Energy Transition
Paul Sankey

Morning Jake & Jeanine, MbZ vs MbS

This very evening, later today: Happy Hour Strategy Session; 4PM ET, Zoom, Chevron featuring Jake Spiering, who has just had a massive promotion out of Investor Relations, to replace retiring Frank Mount, President, Corporate Business Development “Head of M&A”. We also feature Jeanine Wai, who is incoming Chevron IR, and former Chevron employee who subsequently was a top sellside analyst and most recently head of US IR for TOTALEnergies. Register here for this evening’s chat.

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Paul Sankey February 17, 2026 9:01 AM No Comments
Energy Transition
Paul Sankey

Sunday Looking for Kilos as Bells Toll

Dear Client, It is not a joking matter, but it turns out that I am in the Epstein files. My friend’s (London-based) son in High School is doing a little intern work for me, on the weekly DOE data. He took the initiative, shall we say, to search the Epstein email dump for “Paul Sankey”. And there I am, mentioned in passing. In 2013, Epstein was invited as a client by Deutsche Bank wealth management

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Paul Sankey February 15, 2026 4:20 PM No Comments
Energy Transition
Paul Sankey

Morning BP Return on Actual Capital Employed

Tomorrow, delighted to say we have an oil market expert for your delectation on Happy Hour – 4PM ET Willie Chiang CEO of Plains All American who has just been extended as CEO. https://sankeyresearch.com/conference/sankey-strategy-session-plains-all-american-interest-form/ ~ Tomorrow, we have two $1bn EBITDA companies reporting that might just blow the doors off on results and guidance tomorrow. Darling Ingredients (DAR) has been on a tear particularly since Valero results. As you know, DAR is a key reason

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Paul Sankey February 11, 2026 12:03 PM No Comments