Exxon (XOM -0.2%) "increasingly looks like a value trap," says Jim Chanos at the Reuters Summit. "For many of the oil majors, it is becoming increasingly difficult to finance buybacks and dividends as cash flows decline ... It isn't the same cash flow generating business it used to be."
Of The Oracle, whose Berkshire Hathaway disclosed a 40M share stake in Exxon last week? "He's got his reasons but unmistakably the returns are dropping."