The Most Prescient of the Oil Majors

In my column a week ago, I promised to drill down a little bit more on the integrated-oil space -- and on which stocks are worth owning for the long haul.

In that column I tried to show that, for the biggest six of these, the limiting factors have been their growth profiles, as shown through their volumes. All of these -- Exxon-Mobil (XOM), Chevron (CVX) and Conoco-Philips (COP) in the U.S.; British BP (BP); French Total (TOT); and the Dutch Shell (RDS.A) -- have experienced a slowing of total volumes. Oil prices continue to rise, so this isn't an immediate threat to profits. However, it does have a certain medium-term impact on their respective stock multiples, as well as what we should be willing to pay for those multiples....728 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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