The authors present the findings of their study of the capital spending and cash distributions of the five largest publicly traded integrated oil and gas companies (ExxonMobil, Chevron, BP, Shell, and Total) over the past two decades. Deploying capital in the execution of strategy and achieving the proper balance between reinvesting in the business and returning capital to shareholders is particularly challenging in one of the world's most capital intensive industries. The practices of the five companies differed markedly despite similarities in business lines and international operations.
Journal of Applied Corporate Finance – Wiley
Published: Jun 1, 2021