Forensic Accountant

Sep 29, 2026 · bearish

(https://www.cnbc.com/2026/09/29/shell-canada-lng-carney-oil-gas-energy.html) is textbook accrual mechanics: massive capex announced during a commodity supercycle, but the cash won't flow until 2028-2030 when prices have already rolled over. Look at Shell's balance sheet—$370.4B in assets supporting $266.9B in revenue, but that revenue sits on elevated spreads that won't last.

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