By Paul Sankey
Published on January 7, 2025 at 5:03 PM
Refining Conference Notes 1/6/25 The five independent refiner managements on our conference virtual chats were surprisingly upbeat given the abysmal refining margin back drop and upcoming challenging Q4 2024 results reports, that will follow on from challenged Q3s. Source: Bloomberg, Sankey Research Conclusion? These are all good managements with defensible strategies. Assuming they all remain safely run, and that’s a big assumption, but one that has been holding, they will tend to trade as a …
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By Paul Sankey
Published on January 5, 2025 at 5:37 PM
One statistic really struck me from 2024, profoundly. It was from early November, attending the ADIPEC Conference in Abu Dhabi, the largest oil & gas conference in the world, held annually. The numbers: ADIPEC Oil & gas 2025: 180,000 attendees. A week later, at COP 29, there were ~90,000 attendees. There is an obvious observation to be made: media coverage. ADIPEC in no way generated 2x the media interest as COP29 (chart below). But just …
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By Paul Sankey
Published on December 29, 2024 at 6:13 PM
Greetings, In the main part of this note, we examine two of the many key issues of 2025: German/EU natgas China sanctions There are so many counter-currents, that in this attempt to take some of the complexity and contradiction out of 2025 outlooks, by (mildly) deeper on both… we reveal yet more complexity. To keep it actionable, later today at 6pm ET, our resident master of clarity, Mr Greg Bordelon, Sankey Research executive partner, publishes …
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