08-03-2013, 02:51 AM
XOM has always had a strong stock buy-back program. That is why it was completely ridicules when it was suggested that IOC shareholders would receive two shares of XOM stock as a dividend from the sell down process. Someone had no idea how capital markets work.
CVX has been plowing much more $ into E&P (vs. stock purchase). That is why they have a better growth rate and a better return on equity than XOM, hence the CVX over XOM report from MS.
CVX has been plowing much more $ into E&P (vs. stock purchase). That is why they have a better growth rate and a better return on equity than XOM, hence the CVX over XOM report from MS.