FreeEnergyOXYMay 26
OXY: capital discipline is the alpha
The market is pricing a recession the physical data doesn't show yet.
LongLow convictionPosition sizing risk 6 min read
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Oil & gas
Inventories, spreads, and capital discipline across integrateds and E&Ps. The barrel, decoded.
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The market is pricing a recession the physical data doesn't show yet.
Subscribers get the full thesis, the levels, and my positioning on SLB. Subscribe to read on.
Capital discipline is finally structural, and FCF yields reflect disbelief.
Subscribers get the full thesis, the levels, and my positioning on SLB. Subscribe to read on.