ExxonMobil returns by geography
The Gist (1) During a rising returns cycle, such as the one occurring today, ExxonMobil has achieved higher returns domestically than internationally. (2) With U.S. earnings set to grow and U.S. production poised to surpass the pro-forma (XOM + Mobil + PXD) 1972 peak, this observation is highly relevant. (3) ExxonMobil's decision to remain a more "integrated" oil company than others is paying off.
Research buddies of mine, Paul Sankey & Greg Bordelon “Sankey Research” recently put together an amazing recap of ExxonMobil’s history with Permian Production, reviewing every ExxonMobil conference call and analyst meeting since 2006, offering a thorough recap of the company's modern history in the Permian Basin. It’s an excellent summary that brought me up to speed on the timeline, history, future plans, and potential impact on ExxonMobil, available through www.sankeyresearch.com
Why am I mentioning it?
It immediately brought to mind the following charts showing the “Big Unit's” (per Paul’s now 20-year old nickname for XOM) returns by geography.
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