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Onshore Drillers - feet per rig.
The Gist (1) Onshore Drilling, being a tough and capital-intensive business, shows the lowest Return on Capital Employed (ROCE) among oil & gas…
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Consensus is Shifting (But that’s a good thing)
The Gist: (1) The consensus on oil is in the midst of shifting to a more bearish view, but the question becomes, "What's next?" (2) Leading indicators…
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The Crude Chronicles
4
8:03
From Boom to Balance: The E&Ps
The Gist: (1) The rise of shales facilitated the E&P industry to grow to what it is today. (2) Returns on capital remain above historical averages aided…
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The Crude Chronicles
2

April 2024

Feb GM2 vs. Oil - further deceleration.
The Gist: (1) February data for GM2 showed further deceleration in GM2 of (3.5%) y/y. Oil bulls beware. (2) GM2 is more timely indicator of the Global…
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The Crude Chronicles
4
4:03
The Chinese O&G SOEs
The Gist: (1) China’s state owned O&G companies can’t be ignored, they produce a lot of boe and their ROCEs are comparable to their Western peers. (2…
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The Crude Chronicles
ExxonMobil vs Chevron - Apr 2024 Update
The Gist: (1) The trade off between share price leadership of XOM and CVX is driven by subtle differences in return on capital profiles. (2) Difference…
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The Crude Chronicles
6:28
Petroleum & Politics
(Apr 2024 Update)
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The Crude Chronicles
5:15
OFS, ROCE & WACC | Alphabet Soup
(A valuation methodology for OFS that works)
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The Crude Chronicles
5:08
XOM’s REAL all time high
(it’s getting close)
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The Crude Chronicles
6:14
The Most Important Chart - Oil vs S&P500
The first recorded nominal price for oil was $20 per barrel in September 1859. From that point, it would decline by 99.5% to $0.10 per barrel by January…
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The Crude Chronicles
I Got Bearish Vibes but the Cycle is Alive
(2Q24 Chart Pack)
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The Crude Chronicles
2
I got bearish vibes for oil later this year.
The Gist: (1) Global M2 Money Supply (GM2) just fell out of bed and GM2 leads oil price momentum. (2) The “risk on” sector of oilfield service is NOT…
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The Crude Chronicles
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