Exxon Mobil skiller sig ud fra dens konkurrenter grundet god likviditet og stordriftsfordele

Qua nogle af branchens laveste produktionsomkostninger pr. tønde forventes Exxon at levere vækst i cash flow på grund af fokusskifte fra gas til olie.

Allen Good 10/12/2015
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Investeringskommentar, Allen Good CFA, 4/11/2015

Exxon Mobil has historically set itself apart from the other majors as a superior capital allocator and operator, delivering higher returns on capital relative to peers as a result. We expect Exxon to maintain its lead in returns, but forecast a decline from historical levels due to reliance on higher-cost projects to replace reserves.

With Exxon exiting an investment cycle, growth in capital employed should slow with reduced investment levels. Traditionally, Exxon invested less on a per-barrel basis
than its peers, which helped to support its superior returns. We expect this trend to continue over the next five years. Investment levels should also fall as Exxon
brings on greater amounts of long-life production that requires less reinvestment to maintain production. Exxon will lead peers with nearly 50% of production from long-life assets in 2018.

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Om forfatteren

Allen Good  Allen Good is a senior stock analyst covering the oil and gas industries.

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