Morning CEOs

By Paul Sankey Published on October 27, 2020 at 9:10 AM

Today: how many CEOs per barrel? The calculation was triggered by BP results this morning, which underline our description that the oil market has settled at an equilibrium of “exquisite pain” – sustaining almost exactly $40/bbl since the beginning of Q3 (Brent broke $40/bbl for the first time post-COVID on 5th June and has hugged the price ever since). This is the planning assumption that we believe oils have to assume as their base case. […]

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Sunday Sankey 10/4/20

By Paul Sankey Published on October 4, 2020 at 11:24 AM

Obviously, the week ahead will be dominated by the twin horsemen of COVID and bailout. We are making history. In this note, XOM is now worth less than Jeff Bezos, even after his divorce. Nextera has become the largest energy stock in the US. We also show XOM compared to Big Tobacco, to show this is not all ESG. The oil market looks rough, as we had warned all summer, it would be post Labor […]

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Total Podium End Quarter

By Paul Sankey Published on September 30, 2020 at 5:45 PM

It was an especial pleasure to see a leader speaking at a podium with a TOTAL command of the current complex situation, with a complete grasp of facts and figures, a near-term and long-term vision that is both pragmatic and exciting. The fact that the entire presentation was delivered with charm and wit in the speaker’s second language, made it all-the-more impressive. I am of course speaking of TOTAL’s CEO Patrick Patrick Pouyanné , at the […]

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