Now is not the time Ovintiv

By Paul Sankey Published on May 10, 2022 at 9:32 AM

Just as Monday saw the US oil sector absolutely wrecked in a sell-off tape, so the day closed with Ovintiv disappointing with the guidance old classic: lower volumes, higher capex. While the company upgraded its cash returns outlook, the fact that capex was increased with OVV having only just set guidance in Q1 and having spoken of having locked-in 100% of frac pricing and over 80% of its other capex costs, undermines confidence quarter-to-quarter. The […]

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Marathon Oil: Orderly Liquidation & the Inactivst Investor

By Paul Sankey Published on February 21, 2022 at 7:53 PM

In the grand scheme of things, Putin didn’t “further invade” as Kamala Harris had warned him not to, last week. But you might want to buy a US E&P or two nothwithstanding. This theme note is on Marathon Oil. Contact me for the pdf if you do not receive my email. The old Sankey joke about covering oil stocks: “this job is easy; all you have to do is get the oil price right” broke […]

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Friday Highlights

By Paul Sankey Published on February 18, 2022 at 8:41 AM

Having featured a fellow independent researcher on Strategy Session last night – Doomberg – today’s note is a highlight reel of other people’s research. But of course first, Friday you demand jokes, and we are not here to disappoint clients. I used to play the triangle in a band, but it’s just one ting after another. I swallowed a dictionary, and now I have thesaurus throat. My boss arrived at work in a new Lambourghini, […]

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