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The Oil Major That Fell Behind

Rig

Friday August 3, 2018

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. Exxon no longer the leader of the pack

(Click to enlarge)

• ExxonMobil (NYSE: XOM) once traded at a significant premium to its peers, but it has lost much of that premium over the past year. In fact, Exxon has lagged behind the oil top oil majors since the August 2017.
• Exxon’s share price – just above $80 per share – is essentially unchanged from a year ago, despite the significant increase in oil prices. In the second quarter, Exxon’s profits rose by 18 percent year-on-year, but oil prices were up 50 percent. Exxon’s peers posted profits that were double or even triple in some cases.
• Exxon’s latest earnings report offered more reasons for worry. Overall production fell by 7 percent in the second quarter compared to a year earlier, a rather shocking figure. Management blamed maintenance, but the supermajor’s production fell to its lowest level in more than two decades.
• Unlike some of its peers, Exxon now has to significantly increase spending in order to halt sliding production, a course of action that has fallen out of favor with Wall Street.
•…

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