One difference between the companies is that HES’ E&P budget is self-funded from the downstream business, which generates impressive cash flow even when the downstream GAAP earnings are weak or negative, as they have been lately. (HES’ retail service stations and convenience stores contribute a significant portion of the downstream cash flow, although they are rarely if ever discussed on the company’s CC’s.) Thus, HES will almost never need to enter the capital markets unless it’s for M&A dealmaking.
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