Exxon, Chevron & Co wissen anscheinend nicht wohin mit ihrem Geld

verfasst von Sorrento, 04.05.2004, 21:12

-->Gestern bei Financial Sense erschienen:




One of the most important things investors should consider when making any investment is the actions of the industry most informed participants. Three of the world’s largest oil companies have provided significant evidence that the outlook for oil and gas production growth is dismal and higher oil and gas prices are here to stay.

ChevronTexaco recently announced it would spend $5US billion to buyback its shares over the next three years. Considering the company has a market capitalization of approximately $96US billion, a $5US billion buyback is significant.

BP... announced that it intends to distribute “excess cash flow” to shareholders. BP went on to define “excess cash flow” as any free cash generated from BP's assets when the oil price is above $20US a barrel. The company is wasting no time in its efforts to reward shareholders since it bought back 155 million of its shares for $1.25US billion so far this year...

Large share re-purchasing programs provide two very clear signals to the marketplace. First, they suggest that the marketplace is grossly undervaluing the company’s shares. Second, returning cash to shareholders indicates the companies can no longer find adequate investment opportunities that would generate satisfactory rates of return. If the majors are not vastly increasing exploration budgets at times of high prices and low capital costs, I am confident that even aggressive exploration from independent firms will not be able to materially increase supplies. This reality flies in the face of what many have come to accept as “conventional wisdom.” Many industry observers and economists believe that high oil and gas prices will bring on additional supplies and lower the market clearing price. I completely disagree with this line of thinking. I believe we will see lower supplies of both oil and natural gas irrespective of price since there are few significant projects coming online to replace production declines from mature basins.


<ul> ~ http://www.financialsense.com/editorials/powers/2004/0503.html</ul>

Thread gesperrt

 

gesamter Thread:

• Exxon, Chevron &amp; Co wissen anscheinend nicht wohin mit ihrem Geld - Sorrento, 04.05.2004, 21:12