An assessment of integrated oils' efforts to reduce greenhouse gas intensity.
Assessing the valuation and competitive position of this oil giant.
We don't think the integrated oil company gets credit for its improvement.
Our fair value estimate and narrow moat rating are unchanged for the firm.
We like its earnings growth potential and cash-generating ability.
The narrow-moat firm reported strong cash flow during the quarter.
But we think this is already priced into the shares.
These companies are finally set to deliver free cash flow, and in several cases the market is missing it.
Its plan to increase capital spending sets it apart from integrated peers.
It is reinstating the cash dividend, with plans to increase it.
They've had a nice run, but it probably won't last, and other warning signs are emerging.
The company also increased its annual organic free cash flow target and reiterated its plans to repurchase shares during the next three years.
We increased our fair value estimate after news of the program that will cover scrip dilution.
We see shares of the narrow-moat firm as fully valued, and are leaving our fair value estimate unchanged.
While the move allows the integrated firm to efficiently monetize midstream assets while largely retaining control, it also represents a fraction of the company’s value.
Out of the path of the hurricane, HollyFrontier stands to benefit from the strengthening of product margins and the widening of the WTI/Brent spread due to refinery outages on the Gulf Coast.
We expect the next CEO to keep the focus on dividend growth while restricting capital to high-return base reinvestment, Permian growth, and only select international major capital projects.
The price paid is reasonable, but not a steal.
Our fair value estimate and narrow moat rating for the firm are intact.
Our fair value estimate and moat rating for the company is unchanged.
We like the refiner's midcycle earnings potential.
The company has set a course for improvement, but it still needs some help from oil prices.
We are increasing our fair value estimate slightly to $82 from $81 for the narrow-moat firm.
The deal removes a high-cost portion of the company's production at an attractive valuation, while generating proceeds that allow it to accelerate its debt reduction and shareholder return plans.
The progress that the new management team has delivered as well as future improvement is largely reflected in the current stock price.
We're sticking with our fair value estimate and think the oil major will generate sufficient cash flow to cover its dividend.
Fourth quarter results were weaker than expected, but Chevron remains one of the better-positioned integrateds to succeed in an environment of ongoing low oil prices.
Our narrow moat rating is unchanged as the firm embraces actions proposed by Elliot Management.
Management's plans seem to be a prudent way to ensure the health of the balance sheet and the safety of the dividend while preserving some upside to potential oil price increases.
A lighter hand in environmental controls bodes well for oil and gas producers.
Results revealed progress in cost-cutting that translated into an improvement in upstream earnings, despite a decline in commodity prices.
The firm's oil sands reserves may eventually be rebooked, but that won't change our valuation given that cash flows will be unaffected.
The potential reduction won't have a meaningful sustainable impact on oil prices.
Management provided guidance that demonstrated continued progress in capturing industry cost deflation and improving operating efficiency.
Recent results distract from the refiner’s long-term earnings potential.
It's set to deliver peer-leading growth while keeping the dividend safe.
Exxon's move to cut capital expenditures is a departure for the firm and shows the company expects prices to remain low for an extended period, writes Morningstar's Allen Good.
U.S. firms hold greater dividend safety, better assets, and more attractive valuations than their European counterparts.
The energy giant's ability to generate cash, thanks to its scale and high-quality integrated operations, sets it apart and keeps it the most defensive of the group.
Despite a sharp reduction to future capital spending, Chevron still will deliver peer-leading growth over the next two years and holds the potential for additional growth in 2018 and beyond.
Take advantage of near-term volatility to capitalize on long-term opportunity.
Though the valuation seems a bit rich, we otherwise view the acquisition favorably, says Morningstar’s Allen Good.
Large gas production and downstream operations will help mitigate the earnings impact of lower oil prices and should allow higher-quality firms to avoid dividend cuts, writes Morningstar’s Allen Good.
Third-quarter results highlight the firm's competitive advantages, portfolio improvements, and financial performance.
They would eliminate a key competitive advantage, but aren't necessarily a death knell.
Several oil names could greatly benefit from soaring Gulf differentials, but one company remains our favorite.