Issue 8 – The Dollars Just Keep on Flowing

Last week we wrote about the earnings results from the two largest oil producers in the United States: ExxonMobil Corp. (XOM:NYSE) which boasts a market cap of US$458 billion and Chevron Corp. (CVX:NYSE) with a market cap of US$310 billion. Both companies reported impressive results with equally robust free cash flow numbers. The returns paid to shareholders, through dividends and share buybacks, as well as repayments of debt, are truly remarkable given the challenges that faced the industry only a few years ago.


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By Charles Marleau CIM® and William Mitchell CIM®

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By Charles Marleau CIM® and William Mitchell CIM®

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