S&P 500NA+NA+NA%

NasdaqNA+NA+NA%

VIXNA+NA+NA%

DXYNA+NA+NA%

CONA+NA+NA%

WTI86.5+0.495+0.5756%

NATTY2.39+0.015+0.6329%

Quote of the day: By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens. – John Maynard Keynes

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Paul Sankey

Devon Energy: Stop! Unleash the FANG Within…

Never Let a Good Crisis Go To Waste There was a groan went up at Sankey Research at this week’s Reuters report that Devon was in talks to acquire Enerplus Corp (ERF). Why? The news broke as we were completing this note, which argues exactly the OPPOSITE strategy for Devon, than buying a company in the Bakken. We think they should SELLL the Bakken. And more besides, and we outline that herein. We agree DVN…

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Paul Sankey

Valero: Lane Riggs, Toby Keith, and Reginald Dwight

Apologies that this note woefully failed to get published well before the market this morning, but I hope you like my excuses: Client calls on increased Venezuela military movements re: Guyana. Hard to know what Maduro is doing here, the Biden Administration/State department is watching closely, as no doubt are CNOOC and the Chinese. More on Sunday. I was also tangled up trying to register – upload driver’s license photo etc – for the Christie’s…

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Paul Sankey

Reminder: Valero Management Zoom tomorrow + some bonus feedback

Tomorrow Thursday 8th Feb 2024 morning Zoom continuation of our early January refining conference:  Valero management team vs Paul Sankey; Full Valero management team led by CEO Lane Riggs Thursday, February 8th  10AM ET Valero (VLO) Virtual 2024 Sankey Refining Conference – Valero [ptm.sankeyresearch.com] Or just RSVP to this email ~ Some bullets on chat from clients this week: Interest in ConocoPhillips into the print tomorrow: capex capex capex Willow risk; and North American growth. Clients are concerned…

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Paul Sankey

Morning bp (the BP is silent)

Awoke? Obviously BP wants to hold its results conference call before the UK market opens, writes your correspondent after the conference call ENDS at 5:43am Brooklyn time (it started at 4am Eastern, with a couple of US analysts asking questions from Houston, for that 3am start, local time). “In a real dark night of the soul it is always three o’clock in the morning, day after day”‘ F. Scott Fitzgerald My suggestion, given that BP…

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Paul Sankey

Sunday Satya

Greetings, Having started last week upbeat on Big Oil results vs the market, expounded in this note last Sunday, my mood darkened throughout the week, culminating in depressed mood by Friday. Why? This oil sector’s performance vs the market. On Friday, with me optimistic on an earnings beat, ExxonMobil released its Q4 2023 results with a beat, right enough, and announced Q4 capex above Q3’s guidance. You can imagine the groan from Sankey Research HQ,…

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Paul Sankey

Morning You Can’t Buy Chips and Short Energy

Happy Hour today with Frank Kelly, of Fulcrum Macro, our favourite Washington DC/global geopolitics expert. Register here: https://analysthub.zoom.us/j/84966171042?pwd=M1RwalJ3ZFdoQnpNZHBkbGxETkNJZz09 Frank began his career as a writer for President Ronald Reagan and went on to serve in the White House Office. He served as a writer for President George H.W. Bush and then at the Justice Department, focusing on national security and international issues. From there, Frank went to the US Securities and Exchange Commission, as Senior…

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