The Crude Chronicles

The Crude Chronicles

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July 2025

One Big Beautiful Chart
The Gist: Commodity inflation is often the byproduct of currency debasement—an approach consistently favored by American populists.
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Valuation On Vacation
The Gist: This post explores the historical relationship between returns on capital and the cost of capital—and how that dynamic shapes valuation across…
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2
The Disappearing Margin of Safety in Oil
The Gist: Well productivity is slowing.
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3
The O&G view from Dallas
Programming Note: I am headed off with the family on our summer vacation next week therefore there will be no posts.
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Oil & Gas Intensity Around the World.
Programming Note: I am headed off with the family on our summer vacation next week therefore there will be no posts.
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Section 953(a) and the E&Ps
The Gist: Oily E&Ps are finding it harder to beat capital efficiency targets the way they did a few years back.
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June 2025

Video Version of my 3Q25 Chart Pack
Programming Note: There will be no post on July 4th.
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6
41:56
The Geopolitical Rhythms of Petroleum’s History.
3Q25 Chart Deck
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ExxonMobil in 30+ Charts
The PDF attached below the paywall is a collection of over 30 of my best charts on ExxonMobil, created over the years to highlight its operating and…
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Revisiting Seasonality
The Gist: Oil & gas stocks are historically weakest from spring to fall but “this time may be different.” Yup!
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Subsea Chronicles: How TechnipFMC Is Reclaiming Its Identity
The year was 2011.
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