- In a Total-Exxon showdown, Morgan Stanley says Total (TOT +1.4%) is starting to benefit from high investments, translating into stronger growth in operating cash flows than most other big oil companies, and enjoys a strong outlook for operating cash flow combined with plans to reduce capex after this year.
- In contrast, Stanley says Exxon Mobil’s (XOM -0.1%) operating cash flow suffers from an upstream portfolio with relatively few startups and weak ramp-ups; with such a weak growth outlook, XOM could decide to add additional projects or go for a large acquisition, creating capex risks.
- Meanwhile, Chevron (CVX -0.6%) is one of the firm's top picks, with higher production growth and improving returns in the next five years driving share outperformance.
Why Morgan Stanley thinks Total is a better bet than Exxon
From other sites
at CNBC.com (Jun 3, 2015)
at CNBC.com (Jan 15, 2015)
at CNBC.com (Jan 13, 2015)
at CNBC.com (Jan 7, 2015)
at CNBC.com (Jan 6, 2015)
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