Hey Crude Chroniclers, a week ago I passed the 1K subscriber mark.
I wanted to thank all of you for joining and paying attention.
In marketing, likes, follows and shares are nice. But when someone is willing to give you an email address they are saying, “OK here! I am gonna trust you with my email. Don’t mess this up.”
So I am grateful for your trust.
OK enough sappy stuff.
I started this blog back in February 2022 to share some of the history that I have collected over the years on these various energy companies.
My vision is to collect all of this data in order to build a one stop shop on the financial history of energy to see what we can learn from the cycles.
There is still a long ways to go and lots to collect but you know the saying about Rome being built.
In this post I want to share with you some charts that I have found interesting over the last 6 months.
Charts that I didn’t know about energy companies and/or energy stocks that I discovered in this process.
But before we begin. Substack has this new feature. Polls!
If you feel like it vote below. I am gonna update every week and share with everyone. Maybe this will help you out!
Let’s begin.
This first chart comes from one of my first posts. XOM divided by CVX, monthly back to the breakup of Standard Oil. Looks to me, XOM bottomed in Nov-2020 right when they were under attack from Engine 1 and everyone thought the end was nigh for Rockefellers successor and everyone was high on CVX. You can connect the 1924, 1982 and 2020 bottoms in a classic bottoming of the relationship.
On the subject of refining, we all know it’s a super-cyclical business. I put together this chart on refining profitability going back to the early 1980s for the Supermajors. The chart also includes all the acquired companies.
Adjusting for inflation, historically refining “tends” to be a $0-$5/bbl business. The chart isnt updated for 2022’s blow out in crack spreads.
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