Articles
In 2020 the oil majors were tested by a collapse in the oil price, and they made very different choices. Six years on, their share prices still reflect those choices, and I think the market has got some of them wrong.
Data & Models
The full report and the working Excel screen behind our study of corporate overhead at 21 London-listed E&Ps: G&A per barrel, per employee and against cash flow, with every input sourced to company filings.
Articles
BP is selling 100,000 boe/d of UK North Sea production, but who will buy it? We assess NEO NEXT+, Adura, EnQuest, Serica, Harbour and Ithaca, including the possibility of Harbour acquiring BP's assets and spinning off a separately listed UK producer.
Articles
Kerogen paid for Hurricane Energy’s successful 2016 appraisal at the bottom of the cycle and still lost money. Crystal Amber made around £50m. A reservoir engineer’s reconstruction of how two funds in the same North Sea field ended up roughly £60m apart.
Articles
Venezuelan oil is flowing to US Gulf Coast refineries instead of China, putting pressure on Canadian heavy-crude prices. We examine the implications for Cenovus, Strathcona and Canadian Natural, and the opportunities for companies benefiting from Venezuela’s reopening.
Articles
Gulf Keystone's merger with ShaMaran brings the Lundin family into the driving seat and shifts the enlarged company to Oslo. We examine the deal's timing, relative asset values and whether the combination can deliver greater returns for shareholders.
Articles
Gran Tierra’s $1.33bn South American disposal promises to eliminate expensive debt and unlock shareholder value. But a smaller Canadian business, substantial overhead, boardroom upheaval and an unproven Azerbaijan venture raise questions about what comes next.
Articles
Jadestone's remarkable recovery has brought its assets back into focus. But with Prima Energy acquiring nearly 30% at a substantial premium, and several upstream companies pursuing M&A, could the next chapter involve a takeover?
Articles
BP's extraordinary financial recovery has handed Meg O'Neill a rare opportunity. Could a stronger balance sheet, a New York listing, a BPX flotation and strategic patience position BP to become an acquirer rather than a takeover target?
Articles
Global helium supplies have tightened, yet London's helium shares have retreated from their 2026 highs. We examine Helium One, Helix Exploration and Pulsar Helium to understand why stronger commodity fundamentals do not necessarily translate into higher shareholder returns.
Articles
Meren Energy is stronger, larger and more financially resilient than the old Africa Oil. But with the shares already close to full value on a risked NAV basis, the key question is what catalyst can drive the next re-rating.
Articles
Debt can let shareholders control more oilfields, but it can also leave them with little of the economics. Tullow’s latest shock shows how valuable producing assets can survive while leverage erodes the equity beneath them.