Why Santos was always a Risky Target - Leak or No Leak
The Darwin LNG leak grabbed headlines, but the real story is Santos’ shaky fundamentals. From cash that never sticks, to a balance sheet propped up by dilution, to high-risk projects and a declining domestic sector, Santos was never an acquisition prize. Here’s why any buyer would be stepping into a treadmill, not a growth story.
Decoding Chevron’s 2023 Investor Day
As part of our Decoding Investor Day series, we turn to Chevron’s 2023 Investor Day. We unpack the bold promises on growth, capital discipline, and shareholder returns — and test whether the pivot to acquisition-driven scale has strengthened the story, or simply raised the execution bar.
Decoding Shell’s 2025 Capital Markets Day
As part of our Decoding Investor Day series, we examine Shell’s 2025 Capital Markets Day. We break down the promises, test the numbers, and evaluate whether the company’s strategy is built to last or at risk of overpromising.