Morning Denbury

By Paul Sankey Published on June 29, 2021 at 8:47 AM

A major client writes: Hi Paul – hope all well, you need to put Denbury on your radar – the only way to play CCS in US. They’ve emerged from Chapter 11 and have 1,000 miles of massively under-utilized CO2 pipes on the Gulf Coast, Brad Whitmash (former Noble IR) is their new IR, no bulge bracket coverage and worth a look! This was a great heads up, that immediately interested me, so I spoke […]

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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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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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