In other words, you think the kind of suit being pressed by Ecuador in Argentina won’t gain any traction in other countries where CVX has more substantial assets, correct? Even so, the market value of CVX’s assets in Argentina has been estimated at $2B, which is not exactly chump change even for a company as large as CVX.
Is the one you own the stock of your own company?
HES is an exception to the above, IMO; between its newfound no-wildcatting business model, its growing production in the Bakken*, its considerable buyout vig, and its modest valuation, HES would seem to have all the makings of a profitable holding even in an era of flat or slightly declining benchmark oil prices.
As a side note, HES is currently basking in positive publicity from having supplied its company-owned service stations in NJ and NY during the storm crisis, while the big oil companies with franchised service stations left their franchisees twisting in the wind.
*On the 3Q12 CC, HES said it might be cost-effective to ship Bakken crude to East Coast refineries by rail, which could be a game-changer in terms of relative pricing.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”
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