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Paul Sankey

Sunday Sankey 7/25/21

Greetings, It is all about the presentation this week; please click on the attached file for a look at what is in store for the week ahead – earnings; OPEC chat; what to buy when US natgas prices hit $4/mmbtu, which they did this past week; factor performance disconnection; and our only solution since we wrote The Renaissance Thesis of US E&P in 2017, namely hard cash return to shareholders. These oils have to bribe

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Paul Sankey July 25, 2021 12:39 PM
Apache
Paul Sankey

Friday Sankey 7/23/21

The “Why we prefer buybacks” note yesterday got a lot of feedback. There was some comment that it had no conclusion, to which my response was 1) it should have been titled Part 1 because this will be a continued theme for us through earnings and beyond because 2) my old line “you don’t buy cheap stocks and sell expensive ones, you buy good management” is the key. The chart on Sankey Stars would indicate

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Paul Sankey July 23, 2021 9:12 AM
Canadian Majors
Paul Sankey

Why we favour oil buybacks (at this time)

Thesis: there is little differentiation in the market between the merits of individual big oils; factor investing (ie thematic baskets) has rewarded the most levered oil companies, given the surge in oil prices from historic lows. There is a major opportunity with an immediate catalyst of Q2 2021 results for differentiation among oils in terms of the strength of their earnings at $70/bbl Brent (with weak refining). There are two types of leverage, operational and

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Paul Sankey July 22, 2021 10:06 AM
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