XOM wins with $20bn loss

By Paul Sankey Published on February 2, 2021 at 5:34 PM

This was the best ExxonMobil earnings call for a decade, which is incredible to say given the company reported a $20bn loss, and its first ever annual loss. Our major frustration was not to be polled for a question, given it was worth asking about the shattered core principle of Exxon – return on capital employed (ROCE) – and the massive $19bn write-down that we finally got, more than a decade after the XTO takeover. […]

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Morning Oxy

By Paul Sankey Published on January 13, 2021 at 9:00 AM

Really strong relative day for oils yesterday, in fact all energy is running as the Biden administration battles its way to the inauguration. I’m driving my son Max to Emory for college on 21th January, through Washington, and one plan was to drop in and see the action on Inauguration Day, a moment in history and all, but DC has been declared a Federal Emergency Zone for the event and we figure that two mysterious […]

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Friday before Xmas Sankey

By Paul Sankey Published on December 18, 2020 at 8:28 AM

Call to start 2021: our refining conference features all six independent refiners at CEO level. Sankey fireside chats back to back. Please join, you will start 2021 with a great understanding of markets, notable oil and and renewable diesel, but much more besides. I’ve got a case of Corona and I am not going to work today. I’m not sick, I’m just taking the day off to drink the whole case. Customer at a farmer’s […]

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