Chevron Vs. Exxon Final Report[1]

Chevron vs. Exxon

Financial Analysis Report

Fundamentals of Financial Management
3300

Prepared by:
Courtney Wilson

The material presented is public material and the views given are of personal opinion.

Chevron vs. Exxon Financial Analysis Report

Executive Summary

ExxonMobil and Chevron are two of the biggest integrated oil companies in the world.

Exxon, being the number two oil company behind Royal Dutch Shell, also took the crown for

reporting the biggest profit ever for a U.S company as of October 30, 2008. It ranked in a billion

dollars a week in pure profit in the July-September 2008 period. Chevron has also been able to

stay profitable despite the reduction in oil and fuel production. Despite their profits and over

industry averages, they will eventually face financial decline like other industries. They are like

two larger ships that are just taking longer to sink. Production for both companies has decreased

and their stocks are becoming weaker. With the continuation of spending millions of dollars in

drilling and building while production declines can cause them to go into financial distress.

Chevron and Exxon differ in many ways. Chevron, in comparison to Exxon, is an overall

smaller company. Exxon’s ratios are much higher than Chevron. Chevron, however, has a larger

networking capital and market/book ratio than Exxon. Having a larger networking capital means

that Chevron requires more money from non-free sources to carry out its current liabilities. The

fact that Chevron has a larger market/book ratio means investors are more likely to see them as

having higher growth and lower risk. Chevron, unlike Exxon is not as leveraged; they are heavier

on liabilities than equity. With their already high debt if they acquire much more current debt

without increasing their current assets, they too can be one of the many companies facing

financial distress.

I found my information by financially analyzing Chevron and Exxon’s financial

statements for 2008, 2007, and 2006. In order to determine how they stand against other

companies, five other companies were analyzed and averaged in order to determine the industry

averages. This average would later serve as viable source of comparison to see how these two

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companies stand against their competitors. After calculating financial ratios for Chevron, Exxon,

and the industry, the rates were compared to each other and the industry to see how they’re

progressing. I recommend that Chevron increase their equity and minimize their accounts

payable. I would suggest they gear away for cyclical industries and increase their liquidity. I

would suggest that people refrain from investing in Chevron and gear more towards Exxon and

even Shell.

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Table of Contents

Executive Summary…………..…………………………………………………………………...

Company Summary……………………………………………………………………………….

Chevron: Providing Energy for Human Progress…………………………………………..

Exxon: History in the Making………………………………………………………………

Analyst’s Opinions……………………………………………………………………………….

Chevron: A Weak Stock……………………………………………………………………

Exxon Breaks U.S Profit Record…………………………………………………………

Comprehensive Analysis: Chevron………………………………………………………………

Comprehensive Analysis: Exxon…………………………………………………………………

Comparative Analysis: Chevron vs. Exxon……………………………………………………

What we’ve Learned: Suggestions and Recommendations……………………………….….

Works Cited……………………………………………………………………………………...

Appendix………………………………………………………………………………………

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Chevron: Providing Energy for Human Progress

Chevron, which is one of the world’s largest oil companies is headquartered in San

Ramon, California and conducts business in more than 100 countries. They are engaged in every

aspect of crude oil including: exploration and production, manufacturing, marketing,

transportation, chemical manufacturing, sales, geothermal, and power generation. They are also

forgoing operations in renewables and advanced technologies.

Chevron traces its roots to the 1879 oil discovery in Pico Canyon, California. This

discovery later led to the formation of the Pacific Coast Oil Company. The company later

became Standard Oil Company of California and, subsequently, Chevron. The name Chevron

was created when Standard Oil acquired Gulf Oil Corp in 1984. With this merger Chevron was

able to nearly double their oil and gas reserves worldwide. During this time the merger was the

largest in United States history.

Another major Chevron acquisition was the merger with Texaco. Texaco, which was

once called the Texas Fuel Company, was formed in Beaumont, Texas. It later became known as

The Texas Company and soon after Texaco. In 2001, Chevron merged with Texaco to create

ChevronTexaco. In 2005, the name was changed to simply Chevron in order to convey a clearer,

stronger, and more unified presence. In 2005, Chevron purchased Unocal Corporation, which

strengthened their position as an energy industry leader.

With the increase in demand of oil and other energy sources, Chevron is experiencing

issues that are related to energy consumption. The biggest and most important issue is finding

more oil and gas. Even if the use of renewables doubles or triples over the next 25 years, the

world would still depend on fossil fuels for 80% of its energy needs. Other issues include: the

using energy wisely, developing alternative energy, and meeting the demand of consumers.

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Chevron, like all corporations, consists of stockholders, a board of directors, corporate

executives, and committee members. Stockholders form the highest level at Chevron. After the

stockholders is the Board of Directors. The board includes: Chairman and Chief Executive

Officer David J. O’Reilly, Vice Chairman of the Board John S. Watson, Samuel Armacost,

Linnet Deily, Robert Denham, Robert Eaton, Enrique Hernandez Jr., Franklyn Jenifer, Sam

Nunn, Donald Rice, Kevin Sharer, Charles Shoemate, Ronald Sugar, and Carl Ware. The

executives consist of: Executive Vice President of Technology and Services John Bethancourt,

Executive Vice President Charles James, Executive Vice President of Upstream and Gas George

Kirkland, Executive Vice President of Global Downstream Michael Wirth, and Vice President

and Chief Financial Officer Patricia Yarrington.

Exxon: History in the Making

Over the last 125 years ExxonMobil has evolved from a regional marketer of kerosene, to

the largest publicly traded petroleum and petrochemical enterprise in the world. Exxon makes the

products that drive modern transportation, power cities, lubricate industry, and provide

petrochemical materials that lead to thousands of consumer products.

In 1870, Rockefeller and his associates formed the Standard Oil Company (Ohio). Its

combined facilities constituted the largest refining capacity of any single firm in the world. By

1879, Standard Oil Company purchased three-quarters of Vacuum Oil Company for $200,000.

Soon after, Standard Oil Trust formed which included the Standard Oil Company of New Jersey

(Jersey Standard) and the Standard Oil Company of New York (Socony). By 1966, Mobil

celebrated their 100 year anniversary since its founding of the Vacuum Oil Company in 1866

and changed their name to Mobil Oil Corporation. Meanwhile, Jersey Standard officially

changed their name to Exxon Corporation. By November 1999, Exxon and Mobil joined to form

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ExxonMobil Corporation. As stated by Lee Raymond and Lou Noto, Chairmen and Chief

Executive officers of Exxon and Mobil, “The merger enhanced their ability to be an effective

global competitor.”

ExxonMobil is currently experiencing numerous issues that are related to energy

production and consumption. These issues include: climate change, long-term outlook on

worldwide economic growth and energy demand, the 1989 Valdez oil spill, factors in fuel

pricing, and reducing emissions.

Worldwide, ExxonMobil markets fuel and lubricants under three brand names: Exxon,

Esso, and Mobil. Through these brands ExxonMobil is involved in exploration, development,

and production of natural gas and power. They are also involved in marketing, refining and

supplying, lubricants and specialties, and chemicals.

Exxon is comprised of stockholders, a board of directors, an executive board, and

numerous committees. The executive board consists of: Chairman and Chief Executive Officer

Rex W. Tillerson, Senior Vice President Mark Albers, Senior Vice President Michael Dolan,

Senior Vice President Andrew Swiger, and Senior Vice President and Treasurer Donald

Humphreys. Out of these executives two of them hold the highest amount of shares in Exxon.

Rex Tillerson as of May 5, 2009 owned 1,116,318 shares of stock. Donald Humphreys owned

491,910 shares of stock as of December 1, 2008.

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Analysts’ Opinions

Chevron: A Weak Stock

Kim Peterson on MSN Money Central, wrote in response to Chevron stocks’ value.

Peterson confirms, “As of August 20, 2008, Chevron’s shares are up less than 1% and is trading

at $85.46.” She believed that if Chevron grows its dividend at 7.5% annually, it would take

almost 11 years to equal the earnings from a money market account with a 20-year rate of

4.61%. “That’s too long!” Peterson states, “Although Chevron is diversified, its industries are

cyclical and require significant capital.”

Todd Harrison on MSN Money Central commented on the state of Chevron and

ExxonMobil’s earnings. Harrison believes Chevron and Exxon have held up reasonably well due

to their dividend yield, institutional sponsorship, or management. However, he describes them as

two larger ships who are taking longer to sink. As of November 26, 2008, Exxon was trading at

18.74% off the highs reached on May 22nd, while Chevron was trading 26.86% of its high of the

same date. The DJ U.S Oil and Gas Index was off 44.5% with Exxon making up 36.35% of the

index and Chevron making up 14.09%. The two companies making up over 50% of the index,

had fallen 22.8%. Harrison believes this shows that its time for Chevron and Exxon to fall.

Exxon Breaks U.S Profit Record

During the July-September 2008 period, Exxon reported the biggest profit ever for a U.S

company. It ranked in a billion dollars a week in pure profit during this time. According to Kim

Peterson on MSN money central, “Exxon’s following quarter wouldn’t be so rosy.” Crude prices

plunged from all time highs to around $65 a barrel. The demand for fuel decreased and

production levels for Exxon continued to drop. All the while they continue to spend tens of

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millions of dollars a day to drill wells and build plants. “The party might be over, even for

Exxon,” exclaimed Peterson.

In April 2008 Charley Blaine on MSN money central believed that big oil companies like

Exxon would only get bigger as the year rolled along. “So big, that Exxon’s revenue by the end

of 2008 would be greater than Sweden, the world’s 18th largest economy.” Blaine reported that

“Wall Street is expecting the oil giant to report $121 billion in revenue for the quarter, about

40% higher than a year ago.” In the first quarter of 2007, crude oil cost approximately $58.07 a

barrel and by the first quarter of 2008 it costs an average of $97 a barrel. Blaine believes that

with the 67% change in price, if Exxon sold what it sold in 2007, it could acquire $130 billion in

revenue for that quarter. If Exxon continued on this path they could gross $550 billion in both

2008 and 2009. He also believed that net income for 2008 would be more than $12 billion or

rather $2.11 a share.

Comprehensive Analysis: Chevron

Chevron is one of the largest integrated oil companies in the world, and in comparison to

other companies, has been able to strive even during the reduction of oil production. How long

will this last however? After analyzing Chevron’s financial ratios it can be determined that they

are in need of some restructuring. Their networking capital between 2006 and 2008 has been on

a constant decrease. This is probably due to the increase in current liabilities in 2007 and the

decrease in current assets in 2008. Chevron has increased their accounts payable and inventory,

meaning they are probably looking to expand. This money is probably free in the sense that it

does not bear interest and represents the amount of money Chevron must obtain from non-free

sources to carry its current assets. Chevron’s current ratio has stayed relatively stable; however,

it did decrease between 2007 and 2008 when they increased their accounts payable due to more

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inventory. Chevron’s decrease in their quick ratio between 2006 and 2008 shows that they are

becoming less and less able to pay their short term obligations without relying on the sale of

inventory. This is very important since inventory is their least liquidable asset. If Chevron is

unable to pay off their short term/current obligations they could possibly face financial distress.

This is also evident in their cash ratio. The amount of cash available to cover their current

liabilities has decreased since 2006. The fact that there quick ratio is decreasing and inventory is

turnover is decreasing adds more severity to there financial situation. Not only is their quick ratio

decreasing, but their inventory turnover is also constantly decreasing. If they are unable to pay

their short term obligations with the cash and net receivables they already have, then they will

have to rely on the inventory turnover. However, if their inventory is not being sold, they will be

unable to pay for their current liabilities.

The amount of time that it takes for consumers to pay off their accounts balances has

decreased over the past three years. Chevron has become more stringent with their payment

policies. Chevron has been using their fixed assets affectively; however, its ability to use its

fixed assets has decreased over the past three years. They are using their fixed assets ass

intensively as other firm in the industry. Their total asset turnover has increased since 2006

which is due to the increase in inventory from 2006. Chevron expanded between 2007 and 2008

and with the expansion came an increase in their inventory and therefore an increase in their

asset turnover.

An important factor in Chevron’s production has been their relatively stable debt ratio.

They’re debt has remained within the same range as the industry. Less than half of their total

funds have been supplied by creditors. Since their debt is not relatively high, stockholders have

not been able to magnify their earnings. Like mentioned in the analyst’s opinion, the growth of

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their dividends is not increasing enough and this is why. Their total debt is too low, while their

current debt is too high. In 2008, Chevron did not report any interest expense for the year on

their income statement. This is probably due to an error that will be reported for on their 2009

financial statements. Between 2006 and 2007, Chevron had an extremely high times-interest-

earned ratio. There interest for 2007 was covered 194 times! This assures creditors that Chevron

is likely able to pay their annual interests costs. Chevron’s profit margin has increased over the

past three years, and despite their potential financial issues, has been able to stay above the

industry average. This is consistent with the fact that Chevron’s sales are some of the best in the

industry. Their return on equity is significantly better than the industry average. This is a positive

sign and it is consistent with the fact that Chevron does not use a great deal of debt. Chevron’s

basic earning power is also significantly better than the industry average. Because of their larger

than industry turnover ratio and good profit margin on sales, Chevron has a higher BEP ratio.

Chevron’s return on investor’s capital is greater than the industry average and has increased

between 2006 and 2008. With the fall of other oil companies, investors are becoming

increasingly positive about Chevron’s stock. Chevron’s return on equity is consistent with this in

showing that stockholders expect to earn a larger return from Chevron than from other oil

companies.

Investors are willing to pay for Chevron’s stock. Although they are more willing to pay

for their stock than other companies, Chevron’s overall price earnings ratio has decreased over

the past three years. People are willing to pay only 7.54x the EPS. This is consistent with Kim

Peterson’s statement that Chevron’s dividends are not growing as quickly as they should. They

are becoming riskier with the recent years and are showing poor growth prospects. Chevron also

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has a relatively high market/book ratio; however, it is lower than the industry average. This

shows that investors are beginning to detect their increasing risk and lower growth.

Chevron’s free cash flow for 2008 is two times the industry average; however, it is lower

than in 2007. Chevron’s amount of cash that could be withdrawn without harming its’ operations

has declined since 2007. This is consistent with the fact their current liabilities are becoming to

great for their current assets.

Comprehensive Analysis: Exxon

Exxon can be described as the largest, or in some opinions, the second largest oil

company in the world. With revenues for 2008 reaching more than the GDP of Sweden, it’s no

wonder why Exxon is on top of the oil industry. Despite their reign as the top oil giant, some

wonder how long will this last?

In 2008, Exxon’s networking capital was well above the industry average; however, it

had declined from the previous two years. What could have accounted for this decrease? Exxon

has to rely more and more on non-free sources. They are becoming less dependable on loans.

This correlated with the $9 billion decrease in their accounts payable account from 2007 to 2008.

Over the past three years, Exxon’s liquidity has been able to stay well above the industry

averages. During 2007 and 2008, Exxon’s current ratio has remained relatively the same. Both

years, however, are a decrease from 2006. This means that Exxon’s current liabilities are

becoming less likely to be covered by their current assets. The decreasing current ratio can be

accounted for by an increase in short term investments and the increase in short/current long

term debt in 2007 and 2008. During this time Exxon must have refinanced their loans and

participated in short term investments. Exxon’s quick ratio has seen a decline over the past three

years. They are relying more on the sales of inventory to pay for their liabilities. If their quick

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ratio continues decreases even more over the next three years, this means that Exxon will have to

rely more and more on their sales. If their inventory sales decrease, they can be at risk of not

being able to pay creditors, and therefore, could face financial distress. This is consistent with

analyst Todd Harrison’s statement describing Exxon and Chevron “as two ships taking longer to

sink.” Exxon’s cash ratio as been able to stay above the industry average, however, it has also

decreased over the past three years. This is mainly due to their decrease in cash and increase in

short/current long term debt.

Within the past three years, Exxon has been able to effectively manage the firm’s assets.

Its inventory turnover has increased in recent years. They are becoming better able to sell their

inventory. This is can be seen through their income statement. They have experienced a $100

billion revenue increase from 2006 to 2008. Even with the increase in sales, Exxon has been able

to reduce the average amount of days sales outstanding. Over the past three years, they have also

increased their fixed asset turnover ratio. This means that they have been able to use their fixed

assets at least as intensively as other oil companies. They have acquired the right amount of fixed

assets according to their sales. Exxon’s total asset ratio has also increased from 2006 to 2008.

They have been able to turnover their total assets, which can be seen by their huge increase in

revenues from 2006 to 2008.

Over the past three years, Exxon has increased their debt, in order to earn higher returns.

This is evident in their debt management ratios. Although their debt ratio for 2008 and 2007

were identical, they were an increase from 2006. Exxon has increased their debt to about 50% in

2008. This means that in the event of a liquidation, creditors have a 50% of loosing their

investment. This is a relatively higher percentage than what creditors would like, but it is still

lower than the industry average. Exxon’s times-interest-earned ratio has also increased from

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2006. This is good sign. This shows that Exxon’s operating income would have to get rather low

in order for them not to be able to pay for annual interest. As long as Exxon does not increase

their debt and therefore increase their interest, they will be okay in paying their interest expense.

Exxon’s profitability ratios are evidence that although Exxon is generating a substantial

amount of revenue does not mean that it is being seen in their net income. Their profit margin is

above the industry average. However, it has decreased over the past three years and is

unexpectedly under some other oil companies. Surprisingly, PetroChina had a higher profit

margin than Exxon. Exxon’s decreasing profit margin is due to the increase in their operating

costs. Exxon’s earnings before interest and taxes have increased substantially because of the $10

billion increase in general and administrative costs. A bright side to their profitability is that their

return on assets has increased from 2006 to 2008. They are beginning to get more of their net

income from assets. Exxon’s basic earning power has also increased over the past three years.

This is due to their high turnover ratio and good profit margin on sales. Their return on equity

has also increased from 2006 to 2008. This shows that the company’s investors are overall

receiving a greater return in common stock.

Exxon’s price/earnings ratio is above the industry average, but has declined over the past

three years. Investors are becoming less willing to per dollar of their profits. This shows Exxon’s

growth will probably decline. This can also be attributed to the fact that they have increased their

debt. While the company is still being seen as a low risk company, they are in the midst of

gaining more risk. Exxon’s market/book ratio has declined in recent years and is also under the

industry average. Investors’ are less likely to pay less for a dollar of Exxon’s book value than

other companies. This could first be due to a skewed industry average. Conoco’s market/book

ratio was extremely out of the norm which skewed the industry average greatly. Even without

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averaging Conoco’s market/book value, Exxon would have still been under the industry average.

This can partly be due to the inflation that has occurred over the past two years.

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Comparative Analysis: Chevron vs. Exxon

Networking Capital

$30,000,000.00
Networking Capital

$25,000,000.00
$20,000,000.00 Chevron
$15,000,000.00 Exxon
$10,000,000.00 Industry
$5,000,000.00
$-
2006 2007 2008
Chevron $7,895,000.0 $5,579,000.0 $4,447,000.0
Exxon $26,960,000. $27,651,000. $23,166,000.
Industry 3,758,768.40 3,758,768.40 3,758,768.40
Year

Current Ratio

2
Current Ratio

1.5 Chevron
1 Exxon

0.5 Industry

0
2006 2007 2008
Chevron 1.2779 1.16507 1.13887
Exxon 1.55227 1.47419 1.47181
Industry 1.04656 1.04656 1.04656
Year

Quick Ratio

1.5
Quick Ratio

1 Chevron
Exxon
0.5
Industry
0
2006 2007 2008
Chevron 1.11401 1.00796 0.92484
Exxon 1.33279 1.28402 1.23462
Industry 0.79026 0.79026 0.79026
Year

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Cash Ratio

0.8
Cash Ratio

0.6 Chevron
0.4 Exxon

0.2 Industry

0
2006 2007 2008
Chevron 0.36935 0.21782 0.29188
Exxon 0.67288 0.58274 0.64026
Industry 0.16381 0.16381 0.16381
Year

Inventory Turnover

60
Inventory Ratio

40 Chevron
Exxon
20 Industry

0
2006 2007 2008
Chevron 45.12844 41.60151 39.83149
Exxon 35.24687 36.48228 40.98909
Industry 24.46311 24.46311 24.26311
Year

Days Sales Outstanding

60
Days Sales Ratio

40 Chevron
Exxon
20 Industry

0
2006 2007 2008
Chevron 30.62194 37.08756 21.19903
Exxon 27.97365 32.88638 18.88773
Industry 39.67038 39.67038 39.67038
Year

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Fixed Assets Turnover Fixed Assets Turnover Ratio

6

4 Chevron
Exxon
2 Industry

0
2006 2007 2008
Chevron 3.05147 2.81013 2.96641
Exxon 3.32171 3.34703 3.93387
Industry 3.04935 3.04935 3.04935
Year

Total Assets Turnover Ratio
Total Asset Turnover

3

2 Chevron
Exxon
1 Industry

0
2006 2007 2008
Chevron 1.58427 1.48471 1.69395
Exxon 1.72424 1.67114 2.0932
Industry 1.44132 1.44132 1.44132
Year

Debt Ratio
Debt Ratio (percentage)

55%

50% Chevron
Exxon
45% Industry

40%
2006 2007 2008
Chevron 48% 48% 46%
Exxon 48% 50% 50%
Industry 53% 53% 53%
Year

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TIE Ratio

300.00000

Chevron
TIE Ratio

200.00000
Exxon
100.00000 Industry

-
2006 2007 2008
Chevron 71.90022 194.77711 -
Exxon 104.06116 177.185 122.47103
Industry 20.06256 20.06256 20.06256
Year

D/E Ratio

1.5
D/E Ratio

1 Chevron
Exxon
0.5 Industry

0
2006 2007 2008
Chevron 0.92396 0.93008 0.86
Exxon 0.92382 0.98816 1.01878
Industry 1.23191 1.23191 1.23191
Year

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Operating Margin

20%
Operating Margin
(percentage)

15% Chevron
10% Exxon

5% Industry

0%
2006 2007 2008
Chevron 15% 15% 16%
Exxon 18% 18% 17%
Year

Profit Margin
Profit Margin (percentage)

15%

10% Chevron
Exxon
5% Industry

0%
2006 2007 2008
Chevron 8% 8% 9%
Exxon 10% 10% 9%
Industry 5% 5% 5%
Year

Return on Assets

30%
ROA (percentage)

20% Chevron
Exxon
10% Industry

0%
2006 2007 2008
Chevron 13% 13% 15%
Exxon 18% 17% 20%
Industry 5% 5% 5%
Year

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Basic Earnings Power

40%
BEP (percentage)

30% Chevron
20% Exxon

10% Industry

0%
2006 2007 2008
Chevron 24% 22% 27%
Exxon 31% 29% 36%
Year

Return on Investors' Capital

30%
Return on Capital
(percentage)

20% Chevron
Exxon
10% Industry

0%
2006 2007 2008
Chevron 13% 13% 15%
Exxon 18% 17% 20%
Industry 6% 6% 6%
Year

Return on Equity

60%
ROE (percentage)

40% Chevron
Exxon
20% Industry

0%
2006 2007 2008
Chevron 25% 24% 28%
Exxon 35% 33% 40%
Year

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Price/Earnings Ratio

15.00000

Chevron
P/E Ratio

10.00000
Exxon
5.00000 Industry

-
2006 2007 2008
Chevron 10.47436 12.20 7.54796
Exxon 11.47156 12.72962 9.09226
Industry 6.24546 6.24546 6.24546
Year

Book Value/Share Ratio

6
Book Value/Share

4 Chevron
Exxon
2 Industry

0
2006 2007 2008
Chevron 0.75 0.75 0.75
Exxon 0.8354 0.91657 1.06793
Industry 3.93933 3.93933 3.93933
Year

Market/Book Ratio

1500
M/B Ratio

1000 Chevron
Exxon
500 Industry

0
2006 2007 2008
Chevron 98.04 124.44000 98.62667
Exxon 91.22619 101.83696 74.60748
Industry 981.758 981.758 981.758
Year

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Free Cash Flow

$60,000,000.00
Free Cash Flow ($)

$40,000,000.00 Chevron
Exxon
$20,000,000.00 Industry

$-
2006 2007 2008
Chevron $6,717,899.1 $17,753,503. $13,269,344.
Exxon $44,397,538. $36,331,433. $43,117,161.
Industry $7,344,549.6 $7,344,549.6 $7,344,549.6
Year

Works Cited

"Annual Report 2008." Chevron: Human Energy. 31 Dec 2009. Chevron. 29 Jun 2009

<http://chevron.com/annualreport/2008/financials/consolidatedfinancialstatements>.

Blaine, Charley. "Exxon: The World's 18th-largest Economy?." MSN Money 28 Apr 2008

Web.19 Jun 2009. <http://blogs.moneycentral.msn.com/topstocks/archive/2008/04/28/get-

ready-for exxon>.

“BP plc (BP).” Yahoo! Finance. 19 July 2009. <http://finance.yahoo.com/q/bs?s=BP&annual>.

"Company Profile." Chevron: Human Energy. May 2009. 18 Jun 2009

<http://chevron.com/about/leadership>.

“ConocoPhillips (COP).” Yahoo! Finance. 22 July 2009. <http://finance.yahoo.com/q/is?

s=COP&annual>.

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"Exxon Mobil Corp. (XOM)." Yahoo! Finance. 10 Jun 2009. 11 Jun 2009

<http://finance.yahoo.com/q/ao?s=XOM>.

Harrison, Todd. "Exxon, Cheron: The bigger they come...." MSN Money 26 Nov 2008 Web.19

Jun 2009. <http://blogs.moneycentral.msn.com/topstocks/archive/2008/11/26/exxon-

chevron-the-biggertheycome>.

Peterson, Kim. "Chevron a weak stock." MSN Money 20 Aug 2008 Web.19 Jun 2009.

<http://blogs.moneycentral.msn.com/topstocks/archive/2008/08/20/chevron-a-weak-stock>.

Peterson, Kim. "Exxon breaks US profit record." MSN Money 30 Oct 2008 Web.19 Jun 2009.

<http://blogs.moneycentral.msn.com/topstocks/archive/2008/10/30/exxon-breaks-u-s-profit>.

“PetroChina Co. Ltd. (PTR).” Yahoo! Finance. 19 July 2009. <http://finance.yahoo.com/q/bs?

s=PTR&annual>.

“Consolidated Financial Statements.” Shell Annual Report and Form 20-F 2008. 22 July 2009.

“Total SA (TOT).” Yahoo! Finance. 19 July 2009. <http://finance.yahoo.com/q/bs?

s=TOT&annual>.

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Appendix

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25

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