The Crude Chronicles

The Crude Chronicles

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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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The Crude Chronicles
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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The Crude Chronicles
Subsea Chronicles: How TechnipFMC Is Reclaiming Its Identity
The year was 2011.
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The Crude Chronicles
Round-Tripped and Reset
In January 2022, oil & gas stocks broke out relative to the S&P 500 as the Russia–Ukraine war erupted and markets braced for sanctions to remove…
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The Offshore Jedi
The Gist: This post is a brief financial history of the offshore drilling industry and attempts to tell you where we are in the cycle.
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The Crude Chronicles
Oilfield service margins are hanging in there (for now)
The Gist: The oilfield service industry remains optimistic on margins, but rig counts are starting to decline—putting pressure on fleet utilization…
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May 2025

Value Add Books & Charts for a Mature Industry.
Stern Stewart & Co.—later rebranded as Stern Value Management—was founded in the early 1980s, and soon after introduced Economic Value Added (EVA®), a…
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The Crude Chronicles
Less ESG, More ROCE - 2024 Integrated O&G Compensation Review.
The Gist (1) Relative profit growth and returns on capital in excess of the cost of capital, i.e., value creation, drive integrated O&G returns and…
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The Crude Chronicles
Following the Money
The Gist (1) Dollar weakness and emerging market M2 strength is providing support to oil.
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2
E&Ps and Integrateds Returns through the Cycles
The Gist: (1) On a relative basis, Integrateds have historically tended to offer more downside protection during economic downturns.
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2024 Gassy E&P Comp Review - Payouts and Value.
The Gist (1) Due to strong share price performance, change-in-control provisions remain favorable for the group.
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Over the Edge
The Gist: (1) O&G capital equipment orders are in decline and labor markets are weakening.
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