Chevron Is Cheap, But Where Is the Growth?
The first quarter earnings report from Chevron Corporation (NYSE: CVX ) again highlights the lack of production growth from the majors. The oil major continues to obtain the majority of its profits from projects around the globe while domestic energy production soars.
The results are similar to those produced by ExxonMobil Corporation (NYSE: XOM ) , which sits virtually in the middle of the energy explosion in Texas but has widely missed out. Both companies' shares remain cheap at around 11 times forward earnings; this is especially cheap in a market that a lot of analysts consider expensive.
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