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Friday Saturday Sankey

Yesterday was tricky to publish a worthy note, until conference calls were complete. So this is the Friday Sankey on a Saturday. Happy Halloween! If life gives you melons you may be dyslexic What’s Sherlock Holmes’ favourite tree? A lemon tree Daddy, do all fairy tales start with “Once upon a time”? “No kid, there’s a whole series of fairly tales that start with “If elected, I promise…”” There were two key takeaways from ExxonMobil’s […]

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2:51 PM

Sunday Sankey 10/25/20

The Sankey Research website was down this morning, and there is absolutely no truth in the rumour that this is somehow related to Hunter Biden. Rather, the website may have crashed on ANOTHER BIG OIL DEAL, this one a bit of a shock. Years ago, ConocoPhillips announced a massive deal to buy Burlington Resources, a $36bn deal that was announced on 13th December 2005, literally the day before US natgas prices hit their all-time record […]

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2:02 PM

Pioneer-Parsley & History

Breaking news: WSJ October 18th 2020 Pioneer Natural Resources is in talks to buy Parsley Energy, according to people familiar with the matter, as a wave of consolidation takes hold in the beleaguered oil patch. Word from the oil field is the deal was due to be announced last week and got sidelined by COP-CXO. (Twitter). M&A stories in the WSJ are considered the most reliable of any business new source. Last week they were […]

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8:11 AM

The Net Debt Free Cash Acid Test

Good thing that Oxy reporting tonight “exceeded guidance and continued to deliver operational excellence” otherwise they might have reported an even more epically abysmal result. Even with the aforementioned exceeding and excelling, the company reported a net loss attributable to shareholders for Q2 2020 of $8.4bn, or $9.12/share. Excluding writedowns (why? they happen on a recurring basis), the adjusted loss was $1.6bn, or $1.76 per diluted share. Anyway, with Oxy having reported, Sankey Research can […]

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8:18 AM

Dakota Access Shock

PSXP stock is getting hit hard on today’s surprise Dakota Access shutdown ruling, alongside Energy Transfer (ET) and Bakken players such as Contintental, OAS, WPX, NOG and diverse names such as MRO. Winners: Canadian suppliers, Permian and other Basins than Bakken, and in refining “Valero wins by not losing.” Of course in the grand scheme of things, the most environmentally-friendly way to move oil is by new pipeline, less by rail, least by truck. But […]

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4:07 PM
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