Thanks Arjun for this informative piece! How would ROCE for energy sector compare with other sectors of the economy? Trying to understand what a "competitive" ROCE metric looks like across industries.
Really informative piece. It's so important to understand the industry from a full-cycle perspective. It's probably impossible to understand oil stocks in general unless one has a view from the nineties. Thank you for laying it out so plainly. It's so easy to get caught up in the oil price hype when the actual reason for underperformance lies in poor capital allocation.
Thanks Arjun for this informative piece! How would ROCE for energy sector compare with other sectors of the economy? Trying to understand what a "competitive" ROCE metric looks like across industries.
Really informative piece. It's so important to understand the industry from a full-cycle perspective. It's probably impossible to understand oil stocks in general unless one has a view from the nineties. Thank you for laying it out so plainly. It's so easy to get caught up in the oil price hype when the actual reason for underperformance lies in poor capital allocation.
Looking forward to your next set of posts!
Thanks for this Arjun, a really insightful piece. I was delighted to see that you launched Super-Spiked a few weeks back.
Look forward to following along going forward.
Great article - really educational. Learning a lot from your Substack.