Producers have key differences that make for advantages and disadvantages, like Chevron's downstream cushion. Exxon's edge over Chevron, M&A. Its stock is down just 19% over the past year while the sector has tumbled 47%.
As oil's selling point -- big cash distribution -- gets squeezed, Exxon is in relatively good shape. It's still raising its dividend, and it's cut its projected Q3 buybacks to just $500M (vs. zero for Chevron, Shell and BP).
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