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Dan Pickering

@pickeringenergy

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Founder, Chief Investment Officer of Pickering Energy Partners...comments are not investment advice

Houston
https://t.co/u5NXsZ95Dp
Joined June 2019
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@pickeringenergy
Dan Pickering
@pickeringenergy
11 months
PEP’s live with a Traditional Energy investment banking effort! Jason Kivett, Robyn Underwood & Patrick Collins join from Barclays with a 7 person team bringing the heat in the E&P/OFS space. Onward! #EFT #OOTT Thanks to @davidj_french for the writeup.
Tweet card media
Pickering Energy Partners launches oil and gas investment banking unit

Pickering Energy Partners (PEP) is launching a financial advisory unit for oil and gas dealmaking, the investment firm said on Friday, doubling down on traditional fossil fuels as some banks are...

www.reuters.com
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@pickeringenergy
Dan Pickering
@pickeringenergy
2 years
I read Senator Warren talking about windfall profits tax on an industry that just went through a near death experience and is being asked to invest precious capital to bump production. So tone deaf and wrong that i am embarassed for our political system. Embarassed!
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Dan Pickering
@pickeringenergy
2 years
Food for thought...OPEC can cut more/longer than Biden administration can release from SPR. This OPEC meeting a wakeup call for US politicians that energy inflation is going to be STICKY.
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Dan Pickering
@pickeringenergy
3 years
Oh boy... @jimcramer closed Mad Money today with a double down on the end of oil. It's all gonna be EVs, not gasoline. A disservice to listeners, encouraging them to think we don't need hydrocarbons. Energy Transition will last decades. Where does he think electricity comes from!?
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Dan Pickering
@pickeringenergy
2 years
Yet another wakeup call for underweight energy non-believers. Buffet and Berkshire bought $40B of energy stocks in Q1. I’m sure it was just a “trade”.
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Dan Pickering
@pickeringenergy
2 years
The irony of a gas tax holiday - in theory, it lowers the "cost" to the consumer, while simultaneously supporting demand, which keeps the price higher than it would otherwise be. SUPPLY is the answer.
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Dan Pickering
@pickeringenergy
3 years
I feel so fortunate to have energy expert Jim Cramer assessing how quickly oil will become obsolete. He also said the energy sector was dead before this 75%+ move. Just hanging on every word!!!
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Dan Pickering
@pickeringenergy
4 years
The PEP #EFT EnergyDogface Challenge is ON! Submit your best video here on Twitter. Must include @OceanSprayInc + FleetwoodMac song. Be original. Tag #EFT & @pickeringenergy . Winners announced 10/30..hopefully on Roll Call. PEP Swag as prizes. PEP=final judge/jury. Let's Roll!
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Dan Pickering
@pickeringenergy
2 years
I’m old enough to remember a time when making money was respected. I really really really miss those days.
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Dan Pickering
@pickeringenergy
2 years
Record oil profits getting bashed hard by politicians - please just shut up. Within the past 36 months, 100+ energy companies went bankrupt. $AAPL and $XOM had almost the exact same net income. Where is the outrage at the high cost of IPhones? Hypocrisy!!!
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Dan Pickering
@pickeringenergy
1 year
OPEC cutting 1mmbbls/day - my mind is blown. These moves typically telegraphed. This one wasn’t. Caught traders flat footed and lowest net long levels in years. Biden administration going to love this - NOT. Great reminder to never be complacent. #EFT #OOTT
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Dan Pickering
@pickeringenergy
9 months
Another big energy merger deal, another yawn from Wall Street. $CVX + $HES and $XOM + $PXD have very different assets, but contain several of the same messages. Many will look back at these deals in 3 years and wonder why they didn’t listen. Thread below. #EFT #OOTT
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Dan Pickering
@pickeringenergy
3 years
Great Salt Lake is approaching its lowest water level in 58 years. Climate folks say global warming. But what was the cause/issue in 1963 when it set its low water record? I don’t know…but the climate boogeyman isn’t around every corner, contrary to everything you read.
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Dan Pickering
@pickeringenergy
2 years
Eyecatching: Oil -3% today...and I just don't care. Whether WTI is $110, $120 or $90 on any given day, we're in an environment where #EnergySecurity is gaining steam and we're gonna need more Trustworthy Barrels. Demand destruction/recession is our biggest risk..not supply. #EFT
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Dan Pickering
@pickeringenergy
4 years
Tsunami of shut-ins are coming. Speaking with multiple public/privates, all saying they've got their plans and are starting to turn off volumes. Realized cash pricing $2-$10 the driver. Not surprising, but evidence the "market" works faster than government, regulators or OPEC+.
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Dan Pickering
@pickeringenergy
8 months
With respect to @elonmusk onstage/CNBC F-bombs...the last time I saw/heard something like that was Jeff Skilling of Enron calling an investor an a**hole on a quarterly conference call. That didn't end well. Just saying. $TSLA
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Dan Pickering
@pickeringenergy
2 years
Elon on the $TSLA conference call and nobody had the guts to ask about Twitter. Sheep!
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Dan Pickering
@pickeringenergy
4 years
If Bitcoin married the airlines in a Wuhan China ceremony inside an senior citizens faciliity and went on a honeymoon cruise to Italy, their child would be oil and gas stocks. #reallylongweek
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Dan Pickering
@pickeringenergy
2 years
I am watching this House Energy/Commerce meeting with the oil company execs. If it wasn't so sad, it would be a good comedy. This is not a Q&A process, this is an exercise in politicians generating content for their social media and re-election campaigns. #EFT #OOTT
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Dan Pickering
@pickeringenergy
2 years
The energy sector and oil/gas markets have a way of testing your conviction (another way of saying - breaking your heart). Usually when you think the setup is the most obvious (end of SPR, China covid easing,etc). Don't play the game if you can't take the vol. I remain bullish.
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Dan Pickering
@pickeringenergy
10 months
So whether $XOM for $PXD happens now or later, consolidation is coming. If you don't grow volumes, you grow by consolidation, cost cuts and scale. We saw this in the early 90's..when the big guys start buying each other, the dominos fall fast. Thread below #EFT #OOTT
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Dan Pickering
@pickeringenergy
3 years
hey…the lock worked!
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Dan Pickering
@pickeringenergy
3 years
Gotta say, don’t love Wall Street folks jumping on “oil can go to $100” bandwagon. Sure it’s possible, but why hype it up too much? Slow and steady, capex down, free cash up and let the market show us tightness with inventory draws. I want 3 years of +50%/yr, not 1 year of +75%!
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Dan Pickering
@pickeringenergy
3 years
Holy schnikes! Listening to CNBC in my car and commercial comes on. They are pitching…wait for it…oil and gas investments. The commodities. Baby, WE ARE BACK! (And now I am frightened).
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Dan Pickering
@pickeringenergy
2 years
Since Friday morning, thousands of energy nerds, the press and oil watchers debated a 180mmbbl release from the US Strategic Petroleum Reserve. Meanwhile the world consumed 300mmbbls.
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Dan Pickering
@pickeringenergy
8 months
I’m not sure which is more painful - A 35 year career in energy or coming to the Houston Galleria in December. just kidding. The Galleria is worse than almost anything the human brain can imagine.
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Dan Pickering
@pickeringenergy
4 years
One year ago, the amazing congenital pediatric heart surgery team @TexasChildrens hospital performed an incredibly complicated 6 hour surgery. Today, baby Merrill rides with a special heart and mucho gusto. So very thankful for the best baby heart team in the world!
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Dan Pickering
@pickeringenergy
1 year
"We're gonna need oil for at least another decade"...the President of the United States. And he wonders why oil companies didn't pour a bunch of cash into new drilling at his request?!?! #EFT #OOTT
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Dan Pickering
@pickeringenergy
3 years
Consensus is shale companies will cave in and spend like drunken sailors.I disagree - the companies have been pummeled into submission. it is the (new) INVESTORS that will cave - they’ll be the ones clamoring for growth 2023+. And energy stocks will re-rate as/when this happens.
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Dan Pickering
@pickeringenergy
2 years
Will save some ammo for after the press conference - but there is a reason energy stocks aren’t cratering on windfall profits tax threats. Because it isn’t going to happen. #EFT #OOTT
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Dan Pickering
@pickeringenergy
2 years
Down 60c in 20 days. Gouging bastards conquered. Thank you White House for everything you’ve done to help the driving public.
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Dan Pickering
@pickeringenergy
2 years
So damn frustrating. Oil/gas/gasoline prices high because of supply/demand imbalance. You fix with more supply or less demand...period. If demand declines are politically upalatable, then supply must increase. Increasing oil company taxes accomplishes nothing. WAKE UP WASHINGTON.
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@pickeringenergy
Dan Pickering
@pickeringenergy
2 years
Energy proud. Proud of energy. The best sight between Houston and Austin! #EFT #OOTT
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Dan Pickering
@pickeringenergy
3 years
Gonna be a LOT of fingerpointing around power outages, etc. Texas grid simply not made for this sort of demand and lack of fuel didn’t help (wind AND nat gas). Clearly highlights we are not ready/capable to go to carbon free power any time soon. Energy transition will be long!!
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Dan Pickering
@pickeringenergy
6 months
Toby Keith had some of the best lines ever in country music. “I ain’t as good as I once was, but I’m as good once as I ever was” is a favorite. RIP. His passing at age 62 has this 57 year old questioning how I am spending my time.
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Dan Pickering
@pickeringenergy
2 years
@JavierBlas @TheFrackingGuy There is an old adage - lack of preparation on “your” part does not constitute an emergency on “my”part. Having said that - I believe the Russian situation has kicked off the next growth phase of US oilpatch which will result in new highs in US production by 2024/2025.
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Dan Pickering
@pickeringenergy
5 years
Energy <4% of S&P500. Cramer says energy stocks irrelevant. ESG concerns everywhere; Blackrock makes climate a focus. When oil supply/demand tightens cyclically (and it will eventually), 75% of those running away will stampede back. No idea when..but that's how the market works.
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Dan Pickering
@pickeringenergy
3 years
Welcome to the next 25 years....immediately after Senate approval for Infra bill (incentivizing many things competitive to oil&gas), Biden administration asks OPEC for further production bump. "We don't want your dirty hydrocarbons..but while we need them we want them cheap!"
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Dan Pickering
@pickeringenergy
4 years
Ready to get this OPEC++ meeting over and clarity on proposed cuts so we can all move on to the crushing disappointment/reality of storage filling faster than cuts can remedy. Toughest three months of the decade coming up. Sigh.
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Dan Pickering
@pickeringenergy
3 years
@CathieDWood
Cathie Wood
@CathieDWood
4 years
Oil demand probably hit a secular peak last year and, thanks to #EVs , now is in secular “decline”. Though ARK has no formal forecast, I believe that #Oilprices are on their way back to $12, the level reached after the 1973 oil cartel crisis, or lower, now that EVs are taking off.
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Dan Pickering
@pickeringenergy
10 months
In my opinion, this $XOM + $PXD deal kicks off Shale3.0 - bigger companies, bigger deals, even longer laterals, cost-focused, inventory for 2030+, eventually multi-basin.Evolution not revolution. US production to 14-15mmbopd by ‘27-‘28. #Shale3dot0 #EFT
Tweet card media
ExxonMobil Announces Merger with Pioneer Natural Resources in an All-Stock Transaction

Exxon Mobil Corporation (NYSE: XOM) and Pioneer Natural Resources (NYSE: PXD) jointly announced a definitive agreement for ExxonMobil to acquire Pione

www.businesswire.com
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Dan Pickering
@pickeringenergy
5 months
As if earnings season and mergers weren't enough entertainment, we now have the $XOM + $CVX battle over $HES's Guyana. These two literally fighting (in arbitration court) to spend $40B+. Tells you Guyana is really, really, really (that's 3 reallys) valuable. Pull up the popcorn.
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Dan Pickering
@pickeringenergy
8 months
Well....there it is: $OXY for CrownRock. Rumor mill was there two weeks ago and today it was made official. $12B consideration. Smiling faces at sponsor (Lime Rock) and family (Dunns). Competitve process and $OXY paid the most. Thoughts via thread below:
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Dan Pickering
@pickeringenergy
2 years
Where are the calls for windfall profits taxes on Google and Apple? #EFT
@guardian
The Guardian
@guardian
2 years
£40bn profits for BP and Shell fuel calls for windfall tax on energy firms
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Dan Pickering
@pickeringenergy
4 years
100% agree we are going to see a 20mmbpd production cut...the hard way! By oil price being awful, causing economic and forced shut-ins. Don't let anyone fool you, there is nowhere close to 20MM or 15MM or 12MM of voluntary curtailments. Play with optics all you want..price rules!
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Dan Pickering
@pickeringenergy
3 years
We endured 5+ years of painful energy downcycle for time periods like now (commodity price strength, money flow waking up to the opportunity). Harder part is sticking around for the next double. This doesn't end with stocks trading at 8-14% free cash yields. #staythecourse #EFT
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Dan Pickering
@pickeringenergy
4 years
Alerting all oil recovery skeptics...there is hope. At coffee shop today, big pickup pulls in, woman hops out to stand grab her latte. Boyfriend stays in the truck..AND LEAVES IT RUNNING. We’ve got a chance people..we’ve got a chance!
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Dan Pickering
@pickeringenergy
4 years
Admit it...if you are being completely objective, the performance of energy stocks today in the face of oil price is pretty darn impressive.
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Dan Pickering
@pickeringenergy
2 years
Almost 100% correlations - 1) I wake up early to "get some work done", my little girl also wakes up and demands an early breakfast. 2) I need to get something done at night, little lady requires 100 books and 9 songs before bed. Is this typical?
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Dan Pickering
@pickeringenergy
6 months
WSJ has $FANG buying Endeavor. This deal starts on 2nd base for me as Diamondback management has done nothing but smart stuff for years and the asset overlap is excellent. That said - I want the details @KVanthof !! #EFT #OOTT
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Dan Pickering
@pickeringenergy
1 year
In the “I should have known better” category - hall pass for buddies 60th birthday in NYC - 2am finish and woke up at 7:15am - almost exactly the time my flight back to Houston was departing. Now missing kiddo’s Unicorn Extravaganza and totally in the doghouse. Pray for me!
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Dan Pickering
@pickeringenergy
2 years
Classic this morning. Oil getting smoked on potential big SPR release and energy stocks higher. Why? Although front month WTI down -3.5%, FY23 and FY24 WTI is up +0.6% and +1.8%. More supply near term but more demand (SPR refill) down the road. #PoliticalMisfire #EFT
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@pickeringenergy
Dan Pickering
@pickeringenergy
10 months
Oil markets got a lot more complicated over the weekend. Iran backs Hamas and so higher risk of Middle East conflict and/or tougher sanctions on Iran barrels. Oil goes higher. But Saudi hates Iran and might release oil to prevent a spike. Oil goes lower. Tough to call. #EFT #OOTT
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Dan Pickering
@pickeringenergy
10 months
Eyecatching - Energy CEO types and Wall Street analysts saying oil could be $150/bbl…please, has everyone forgotten 3mmbbls/day of OPEC+ offline capacity? No way oil averages $100+ in 2024. Just wanting it doesn’t make it so. And we shouldn’t want it (demand). #EFT #OOTT
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Dan Pickering
@pickeringenergy
3 years
Empty…every time i drive past. The energy transition is going to take a LONG time.
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@pickeringenergy
Dan Pickering
@pickeringenergy
2 years
Eyecatching - if you sold energy today because OPEC hinting about excluding Russia (and thus giving themselves more room to produce), you sold for the wrong reason. More oil keeps prices reasonable, demand OK and generates longevity...that is how we're really gonna get paid. #EFT
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@pickeringenergy
Dan Pickering
@pickeringenergy
11 months
Solid argument by @WarrenPies for Brent touching $100/bbl. I HOPE HE IS WRONG. $100 puts demand at risk and brings politics back into the equation. I'm an oil bull...I want $80-$90 WTI with duration. Counterintuitive but $100/bbl is worse for equity investors. #EFT #OOTT
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Dan Pickering
@pickeringenergy
2 years
Any investor that buys a house off a handwritten sign on the side of the road…well…I’m just sort of in awe of both sides of that transaction.
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@pickeringenergy
Dan Pickering
@pickeringenergy
2 years
Bezos gets ultra rich and buys the Washington Post and does Blue Origin.Elon Musk gets ultra rich and buys Twitter and does SpaceX. Joining the elite club, @pickeringenergy bought a used typewriter and some old bottle rockets at a yard sale last weekend.
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Dan Pickering
@pickeringenergy
3 years
SPR reserve release thinking 1) we all "know" its coming, 2) WTI oil -$9 from highs (covid also driving), 3) it isn't that many barrels in grand scheme of things, 4) OPEC may react by slowing production adds. Conclusion - this too shall pass & oil fundy's are fine. Don't panic!
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@pickeringenergy
Dan Pickering
@pickeringenergy
4 years
My 30 year old son teaches sixth grade math. He's not an investor & has no stonk portfolio. At lunch today he asked about GameStop. Several of his friends "along for the ride". This is not a market rebellion, it is a combo of greed and Ponzi scheme and will end horribly for most.
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Dan Pickering
@pickeringenergy
2 years
Regretfully announcing my Twitter retirement. Combination of compliance, time sink and nervousness about reprisals from diehard advocates on both energy transition AND oil&gas fronts. My family and job are too important to endanger. It’s been a fun ride! April Fools!!
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Dan Pickering
@pickeringenergy
3 years
My secret is out. It isn’t the Cardinal, it’s the kid. She’s nailed the last 5 points in WTI. Recently promoted to MD. Salary increase after threat to go join Vitol. Worth every penny.
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Dan Pickering
@pickeringenergy
8 months
WSJ reporting $OXY for CrownRock at “well above $10B”. I’ve heard $13B is the number. At that price, whoever is the buyer, we better see a serious deep dive on the value/assumptions given $8-$10B was the going-in expectation. A good time to be a Permian seller. #EFT #OOTT
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Dan Pickering
@pickeringenergy
1 year
Eyecatching: Goldman backs off $90/bbl...all the way to $81. The reality of 2H '23 is that unless demand totally lays an egg, inventories should draw nicely and prices will recover. $75, $85, $95...all would feel tasty vs. current level/chop. Deep breaths and patience. #EFT #OOTT
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Dan Pickering
@pickeringenergy
2 years
A lot to unpack around President's press conf remarks on SPR, gasoline, etc. Thread below. Conclusion: Nothing I saw today makes me less bullish about owning energy equities. Watch the back end of the curve (trading higher) - that is the tell. FY25 WTI is $73 going to $80+.
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Dan Pickering
@pickeringenergy
4 months
Beware the calls for $100 oil. It might happen, but it is FAR from sustainable with this much OPEC+ production off the market. Supply/demand tighter than I expected earlier this year, but not $100/bbl good. Let’s just be happy with $80 WTI! #EFT #OOTT
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Dan Pickering
@pickeringenergy
2 years
Biden releases SPR (3x) and today saying will release heating oil reserve if necessary. Running out of above ground options, the inevitable progress here is supporting the release of below ground reserves - otherwise known as drilling. Hide and watch - incentives are coming. #EFT
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Dan Pickering
@pickeringenergy
4 years
Dare i say it? Yes, I will. 2021 is the year to think #MEGA . Make Energy Great Again. Too much pessimism, not enough respect. No more dumpster fire mentality. Time to think positive and be optimistic. All aboard!!!
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Dan Pickering
@pickeringenergy
3 years
Tech investors/growth investors got a taste this week of what is was like in energy 10-15 times PER YEAR from 2014 through 2020. Energy hands are scarred and weathered and tough, tech hands are silkier than an English nobleman.
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Dan Pickering
@pickeringenergy
10 months
Quick takeaways from Day One of $XOM + $PXD combo: Market didn’t love it, with XOM off ~4%. Probably a bit of deal exhaustion. If u believe this cycle has duration (which I do), this was a solid (massive) bolt-on at a decent price for excellent assets. Thread below #EFT #OOTT
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Dan Pickering
@pickeringenergy
2 years
Talk about bravado - Melvin Capital (smoked by meme stocks) was -40% last year, -20% YTD. “Negotiating” with investors to return capital and start a new fund. Will let those investors in the new vehicle. Would high water mark travel? Ballsy play for fee reset. Not a good look.
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Dan Pickering
@pickeringenergy
6 months
1994 right out of business school. Choose your sector they said...energy or tech..what's it going to be? I said...energy
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Dan Pickering
@pickeringenergy
3 years
Its happening..the market's slinking back into energy. YTD $XOM +15%, $BP +14%, beating out E&Ps like $EOG, $FANG & $DVN (+12-13%). These majors don't move without big institutional buyers. Greed always wins people..always. Oil&gas putting up the numbers..2022 outperforms again!
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Dan Pickering
@pickeringenergy
3 years
Oil getting back to that spot where it held last time. It was tasty then and it is tasty now. Covid is a problem..but not a big one. Close your eyes and step up..or at least get more bullish.
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Dan Pickering
@pickeringenergy
2 years
Becoming increasingly clear OPEC is going to make an effort to support price. Why cut? Because they don’t like the price. Whether it is demand destruction or trading action that is causing weakness, this market is going to have a lot fewer barrels come Mid-November (SPR and OPEC)
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Dan Pickering
@pickeringenergy
2 years
In case you think there is no recession ongoing, I present the Cracker Indicator. Name Brand $3.28 and plenty of supply. Store brand $1.98 and shelf is bare.
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Dan Pickering
@pickeringenergy
2 years
I know little about crypto, but I watched the Enron saga unfold back in 2021 and this FTX meltdown has many similar characteristics. Be careful.
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Dan Pickering
@pickeringenergy
4 years
Eyecatching stuff: $XOM/$CVX merger rumor gets no respect as both underperform S&P..appropriate as that deal damn hard to get done. $TSLA +6%, rumor is Elon will spend almost 2 days this month focused on the car business (vs. SpaceX, Boring, Neuralink, bitcoin, GME tweets, etc)
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Dan Pickering
@pickeringenergy
2 years
Our friend Jim Cramer talks so much about energy now that I just don’t have the time to point out all the gaffes and incorrect facts/statements. One thing he isn’t wrong about - energy has more upside ahead.
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Dan Pickering
@pickeringenergy
3 months
Eyecatching - Darn it! $FANG + Endeavor gets a second request from FTC on last possible day…when is the government going to realize no Permian producer is going to influence/control the price of oil. OPEC can’t even do it at 30mmbbls/day #EFT #OOTT
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@pickeringenergy
Dan Pickering
@pickeringenergy
2 years
We haven't had one of these bloodbath days in energy recently ( $XLE -6.6% as I type), but we shouldn't be surprised with market increasingly baking in recession (demand risk). Gut check time for the next while. Call me a maniac, but I think energy remains compelling, so you BTD.
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@pickeringenergy
Dan Pickering
@pickeringenergy
2 years
OPEC shows willingness to protect price with a reversal of last month’s token increase. WTI rallying $3+/bbl today while US money managers holidaying. Watch it go down 50c tomorrow and energy stocks fall because “oil is down”. My defeatist thinking courtesy of 2014-2022. #EFT
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@pickeringenergy
Dan Pickering
@pickeringenergy
2 months
Meanwhile…over at $DVN’s M&A war room.
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@pickeringenergy
Dan Pickering
@pickeringenergy
2 years
Received word today from Ford that I will not get a 2022 Ford Lightning - ordered within minutes of the order book opening in May 2021. So when we look at EV adoption stats, keep in mind vehicle availability is a factor.
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@pickeringenergy
Dan Pickering
@pickeringenergy
6 months
Energy investors and analysts watching $META and $AMZN crush their Q4 results. #EFT #OOTT
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@pickeringenergy
Dan Pickering
@pickeringenergy
3 years
Rockets/drones at Saudi facilities, WTI +3%, can feel interest shifting from safer energy (think $CVX, $EPD, $PXD) towards beta (OFS names, smaller caps, higher leverage). Just imagine when the FOMO trade forces big money long only types to buy. This ain't over yet folks. #MEGA
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@pickeringenergy
Dan Pickering
@pickeringenergy
4 years
As I type, front month $WTI is trading ~$28/bbl. From OPEC share announcement in 2014 it took 14-15 months for oil to break $30 (Feb 2016) This time it took less than 1 trading day. Breathtaking! Energy industry, welcome back to Hell. #ValueOverVolume
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@pickeringenergy
Dan Pickering
@pickeringenergy
2 years
Windfall profits tax for oil & gas producers?!?!? Just what you DON'T want to be threatening as Energy Secretary/President asking those same companies to produce more. In times of crisis our government is supposed to work TOGETHER. God help us.
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@pickeringenergy
Dan Pickering
@pickeringenergy
2 years
This energy cycle simply can’t end with the S&P weighting under 4% (current level) it’ll be 2-3x that at least. Relative performance over the next 2+ years is going to be dramatic. How you trade the next days/weeks..hard to say. But you better wind up long/overweight.
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@pickeringenergy
Dan Pickering
@pickeringenergy
9 months
Thanksgiving is a wonderful holiday, but every year i have PTSD back to Black Thursday/Friday 2014 when Saudi/OPEC brought down the hammer on oil markets….6+ year downturn ensued. So every Tday that doesn’t repeat, I give thanks. Feeling pretty good about this year #EFT #OOTT
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@pickeringenergy
Dan Pickering
@pickeringenergy
10 months
Every energy investor in the world to $XOM and $PXD
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@pickeringenergy
Dan Pickering
@pickeringenergy
2 years
What damn planet am I on?!?!?..CNBC spent 3+ minutes talking about energy...tickers getting mentioned $DVN, $MRO, $COP, $FANG, $PXD. We are glimpsing the future..this cycle ends with E&P stocks trading at 5% free cash yields (not 9-15%) and everybody owning them. Long way to go.
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@pickeringenergy
Dan Pickering
@pickeringenergy
4 years
BMO shutdown news is sobering. Not to be a wet blanket, but brace for more layoffs in energy financial services. Still way too many people at energy lenders, energy ibanks, A&D shops, research, PE firms, etc. Available revenue has been cut by 50%+ (lower values, lower fees). 🙁
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@pickeringenergy
Dan Pickering
@pickeringenergy
10 months
If you doubt there is M&A afoot - take a look at the research notes today. How many banks did not publish anything about $XOM and $PXD? That’s because they are hired and working the deal - that’s my assumption anyway. #MergerMonday
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@pickeringenergy
Dan Pickering
@pickeringenergy
2 years
A little known fact, Saudi Arabians have a deeprooted fear of turkeys...so every Thanksgiving they punish US oil markets with some sort of production increase announcement. Ugh.
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@pickeringenergy
Dan Pickering
@pickeringenergy
3 years
Watching the Biden administration fumblebumble around the oil markets is simultaneously amusing and frightening.
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@pickeringenergy
Dan Pickering
@pickeringenergy
3 years
While I rant about the "end of oil" crowd, I am very bullish EVs. Helped fund an EV charging infrastructure biz because I think fleets have pretty compelling economics to switch. But we need oil/gas for basic economy to work and we can't demonize the oil/gas biz. We need it!
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@pickeringenergy
Dan Pickering
@pickeringenergy
1 year
Been in energy investing game for 29 years (first buyside gig 1993) and I sometimes still have absolutely no idea why things happen. Why oil tanked to $64? and then why today to jam to $73? You can say banks/financials,etc but animal spirits is more accurate. #AlwaysLearning #EFT
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@pickeringenergy
Dan Pickering
@pickeringenergy
2 months
I used to look to the IEA as a well-reasoned, facts-based organization with great info and solid forecasts. Now they appear to have NetZero blinders on and consistently ignore hydrocarbon consumption reality. So…data yes, forecast NO. #EFT #OOTT
Tweet card media
Oil Market Report - June 2024 – Analysis - IEA

Oil Market Report - June 2024 - Analysis and key findings. A report by the International Energy Agency.

www.iea.org
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@pickeringenergy
Dan Pickering
@pickeringenergy
2 years
For the Californians enduring a statewide power emergency today, imagine 2040 when the nukes and natty gas are turned off, no new transmission has been built and most of your cars are electric- powered (by law). By the way - I love Cali and Cali people. Just not the policies.
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