Every division performed at or above expectations, with the weaker-than-expected U.S. volumes more than offset by strong margins. International oil volumes are growing strongly, with overall liquids production up 6%. We see a 1.7% growth in volumes in 2006. |
They could all do with the additional (production) growth. |
Today's results has surprised even bulls such as ourselves. |
We know this is by far the best oil company in the world. Will it be the best stock? The main point is this: more than ever the new CEO has re-affirmed XOM as the key play into a downturn. Up cycles will build cash, even if it drags on returns. Oil is weak for now (through Q1 results). |
While it is not a superior refinery, WNR is improving its facility and the company trades at one of the lowest valuations in the group. |