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Capital Allocation and Corporate Strategy: An Examination of the Oil & Gas Majors

Capital Allocation and Corporate Strategy: An Examination of the Oil & Gas Majors 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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Applied Corporate Finance Wiley

Capital Allocation and Corporate Strategy: An Examination of the Oil & Gas Majors

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Publisher
Wiley
Copyright
Copyright © 2021 Cantillon and Mann
ISSN
1078-1196
eISSN
1745-6622
DOI
10.1111/jacf.12459
Publisher site
See Article on Publisher Site

Abstract

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

Journal of Applied Corporate FinanceWiley

Published: Jun 1, 2021

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