Memorial Monday Sankey 5/31/21

By Paul Sankey Published on May 31, 2021 at 1:34 PM

OIL RISK HIGH. We have an OPEC meeting tomorrow, and the word is that Iran is pumping into storage on anticipation of successful negotiations with the Biden administration, which, for reasons I do not fully understand, is very keen to make a nuclear deal. This will allow Iran back into global oil markets. We understand that OPEC is warning Iran not to flood the market, and Iran is saying “we are going to flood the […]

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Evening XOM – hug a tree

By Paul Sankey Published on May 26, 2021 at 10:11 PM

“This is the biggest shareholder vote in ExxonMobil’s history”, says the FT, quoting Paul Sankey. And so it came to pass that the Engine #1 “tree-huggers” got their two – possibly three – board seats; as of today, in the true style of recent dramatic US elections, the final result remains unknown. What is the problem in the digital age with fast voting results? Maybe if all shareholders could vote quickly, digitally, XOM would have […]

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Morning Sankey 5/26/21

By Paul Sankey Published on May 26, 2021 at 9:06 AM

Of course one of the most egregious aspects of Oxy’s deal for Anadarko was that a shareholder vote was deliberately avoided by CEO Vicki Hollub. This doubly bad because a preferred $10bn deal with Warren Buffett was the route taken to get a deal cash-rich enough to avoid a shareholder vote. Activist Carl Icahn took revenge by issuing warrants to all shareholders – but not to preferred Buffett – and effectively capped the Oxy share […]

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