🔥 $120 BRENT IS JUST THE HEADLINE — WHAT ABOUT ENERGY EARNINGS QUALITY? While the market is euphoric over $120 Brent, the data shows energy companies are struggling to actually translate soaring prices into stronger earnings. $XOM, $CVX, and $COP are all reporting weak margins, deteriorating cash flows, and rising debt levels despite the oil price surge. This earnings quality deterioration could spell trouble ahead, even if oil stays elevated in the near-term. Companies are having trouble passing through spiking costs, and the benefit of higher crude prices seems to be getting captured elsewhere in

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