Investment advisers often recommend that investors seek out the best operators in an industry for their portfolio. When it comes to oil and gas, it is hard to do much better than Exxon Mobil (NYSE:XOM). While this company has gargantuan reserves, a well-earned reputation as a superior capital allocator, and ample cash to share with its investors, it sometimes seems as though Exxon is overlooked in favor of more exciting names. Though Exxon does not boast the highest potential returns in the energy space, investors looking for a lower-beta play may yet want to give it serious thought.
Ho-Hum Third Quarter
For better or worse, there were no major surprises in Exxon's third quarter results. Production slid 4% as the XTO acquisition rolls off and liquids production was incrementally weaker (down 7%). Realizations, the price Exxon gets for its oil and gas, were fairly strong - liquids prices rose from 35 to 45% by geography, while weak U.S. gas prices were offset by higher prices in Europe. All told, revenue rose about 31% from last year.
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