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Strategies & Market Trends : Value Investing
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To: E_K_S who wrote (38451)7/7/2010 12:03:01 AM
From: Spekulatius   of 78742
 
re CVX - my position is a very small tracking position. i have not sold any of my oil plays MRO, TOT, E but I did exit NE on the recent bounce.

I like CVX quite a bit, i think the company is improving relative to XOM for example and they have shown above average production and reserve growth recently and are projected to do so going forward. XOM's reserve growth has been more on the NG side (even without the XTO acquisition) and that is a much tougher business with lower ROA.

I am sort of lost on XOM, and the XTO acquisition at full price seems like a poor allocation of capital to me. I believe that CVX will outperform XOM and the valuation gap between the two stocks will eventually close.
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