Wells Fargo's Roger Read Says Big Oil Back, Multiple Beats and Repurchases Restarting
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The analyst's key takeaway midway through the earnings season is that Big Oil is back.
He stated "Key Takeaway. I'm back. With three of four Super Majors reporting better than expected earnings, cashow and free cashflow this week, that is our key conclusion. Undoubtedly, the commodity price provided a signicant boost, but the significant net reductions in capex and opex should not be understated, in our view. Both Royal Dutch Shell (NYSE: RDS/A) and Chevron (NYSE: CVX) felt confident enough in their results and the macro (OPEC+ dissension mostly quelled and the Delta variant lurking) to restart share repurchase programs. ExxonMobil (NYSE: XOM) understandably will continue to reduce debt. We remain favorably disposed to Overweight rated XOM and RDSb. Our rating for CVX remains Equal Weight.
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Related EntitiesOPEC, Earnings, Wells Fargo
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