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.
Given its improving key operating and financial metrics compared with Chevron, we think Exxon is the better play.
The supermajor integrates low-cost businesses to deliver returns on capital above its peers'.
The newly independent firms have enticing dividend yields, but upside potential for their share prices is questionable.
There is little doubt about its resource potential, but the firm presents a host of issues for investors.
ExxonMobil reported a slight increase in fourth-quarter earnings as the benefit of higher prices was largely outweighed by the drop in production and contraction in refining and chemical margins.
At its current price, BG Group should reward long-term investors.
Marathon's current shares offer a 20% discount to the sum of its parts.
We see the strength in each operating segment as supporting evidence of the value in ExxonMobil's integrated model.
To boost returns, integrated firms are shedding downstream assets.
Refiners posted strong gains in 2010, but additional upside may be limited.
Though well-known, opportunities remain among the super majors.
Refining margins have shown improvement, but will it continue?
For refiners, factors other than complexity and size can determine profitability.
Large oil and gas companies are facing challenges to production growth.
Independent refiners continue to face challenges.