Sarah Kent
speaker
20 appearances
1 recordings
1 series
first heard Oct 2018
last heard Oct 2018
Sarah Kent’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Big Oil Is Swimming in Cash. Wall Street Isn't Impressed · 25 Oct 2018
podcast
Yeah.
And especially if you break it down company by company, some have done better, some have done worse.
The big American players have actually seen their share price fall this year.
So investors seem to have really fallen out of love with the sector.
We're talking about the really big publicly listed oil companies, the ones that generally are referred to as the oil majors.
So
think Exxon, Chevron, BP Shell, and a couple of others.
Right.
Smaller independent shale players have in some ways fared even worse.
If you look at the broader energy index globally, it's really underperformed the S&P 500.
Well, the big oil players have always been known for their dividends.
I think it's more that investors have been worried that they won't be able to maintain that over the last few years as the oil price fell, particularly given that when prices were high back before 2014, they were really overspending.
And investors just don't trust that they will manage their capital in a sensible, disciplined way going forward.
Well, it may be that investors have been a little bit over-exuberant in terms of expectations, but there are also unexpected things that can happen.
And it's difficult to value an oil company and really delve into exactly what that profit should be.
They're big, complicated beasts.
It's difficult for analysts to predict how they'll do.
Right.
This is their opportunity to show not only that they are hitting high cash flow and profit marks, but that they can meet the expectations that analysts have set for them.
Thank you.
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