Contents
3 Sector overview
4 Stockmarket performance
5 Investment case
5 US and European oil companies perform very differently on the stockmarket
6 Growth and profitability are the key to success
6 What about long-term strategy?
7 Profitability/Costs
7 Diversifying production or exposure to US gas: what is the winning strategy?
8 Ratings
10 Parallels between European and US companies
10 Distribution policies very different overall
12 US production profiles
12 ExxonMobil
19 Chevron
21 ConocoPhillips
25 Profitability analysis
25 Performance by segment
32 The downstream business
34 Chemicals
35 Valuation
35 Main valuation method
35 Key assumptions and restatements
36 Calculation of target prices
37 Comparison between US and European integrated oil companies
38 Appendix
38 Income statement, 2007-2012e
Contents part 2 (see web version of this report on SG Research site and separate document)
Initiation of coverage on key US integrated oil companies: ExxonMobil, Chevron, ConocoPhillips. Impact on
European majors: RD Shell, BP, Total)
Chevron
ExxonMobil
ConocoPhillips
Total
Royal Dutch Shell
BP