The Crude Chronicles

The Crude Chronicles

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An Oil Bull, in a Glut Full of Bears
4Q25 Chart Pack
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116.5 Years of Oil & Gas Capex
(back to school edition)
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Building Castles in the Sky
The Gist: (1) By this view, Mega Tech capital spending is set to outpace global O&G capex.
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Gassy E&Ps - Pricing in AI Perfection?
(1) The correlation between shareholder value creation (ROIC - WACC) and valuation remains intact for the oily E&Ps, but a valuation premium is being…
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Running out of Companies to Chronicle
The Gist: The wave of E&P consolidation is occurring just as it has in the past.
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Continue to link Integrated Oils Pay to Profits and Value Creation
The Gist: With returns on capital failing to exceed the cost of capital, integrated oils now trade at a discount to the capital invested.
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FANG is biting back
The history of E&Ps is littered with examples of companies whose origins trace back to a major discovery.
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Finding Value in Oilfield Service
The Gist: Oilfield service valuation levels have shown a stronger relationship with value creation metrics (ROIC>WACC) juxtaposed to relative exposure…
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Recommendations
View all 24
Topdown Charts
Topdown Charts
Callum Thomas
Doomberg
Doomberg
Doomberg
Commodity Context
Commodity Context
Rory Johnston
Kontrarian Korner
Kontrarian Korner
Ben Kelleran
Net Interest
Net Interest
Marc Rubinstein
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