FreeOXY6 min read
OXY: capital discipline is the alpha
OXY
Delayed
The thesis
The market is pricing a recession the physical data doesn't show yet.
Capital discipline is finally structural, and FCF yields reflect disbelief.
What I'm watching
- crack spreads
- crack spreads
- A clean move through the level I flag below
Positioning
Long on OXY, 2-10 weeks horizon. Conviction: Low. A strip collapse would pressure payouts; coverage is the cushion.
Opinion, not investment advice. The author may or may not hold positions discussed.
Opinion. The author may or may not hold positions discussed. Not advice. Not a financial promotion approved under FSMA s.21. Quote data is delayed. Past performance is not a reliable indicator of future results.
Comments
1 commentClearest framing of OXY I've read this month.