By Paul Sankey
Published on May 16, 2021 at 12:59 PM
Good day, The week ended with the guided announcement from Marathon Petroleum that its deal with Seven & i to sell the massive Speedway gasoline retail network had closed for $21bn cash, and upside guidance from Marathon Petroleum on an imminent Dutch Auction for $4bn of stock, within a $10bn open buyback authorization. It was uncertain how much debt would be paid down, but that was announced light at $2.5bn. MPLX, the 63% MPC-owned MLP, […]
Read More
By Paul Sankey
Published on May 13, 2021 at 8:53 AM
In the famous TINA market – There Is No Alternative – the question for those who did not get destroyed on “YOLO” calls based on “stonks always go up” – is where to head to if tech is melting down, and cryptocurrencies are airdropping. Cash is likely a short-term move, but a terrible medium and long-term option. You hide in a rising yield on the T Bill, but that too feels like a very poor […]
Read More
By Paul Sankey
Published on May 7, 2021 at 8:44 AM
A salesman knocks on a door, answered by a 12-year-old boy wearing slippers, an oversized silk dressing gown, smoking a fat cigar in one hand, a huge snifter of brandy in the other. Stunned, the salesman asks “Are your parents in?” The boy replies “What the fk do you think?” Americans love T shirts. They have the constitutional right to bare arms. Wife: “You need to do more chores around the house.” Husband: “Can we […]
Read More
