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. Exxons 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 Exxons 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

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

Table of Contents Executive Summary..... Company Summary. Chevron: Providing Energy for Human Progress.. Exxon: History in the Making Analysts Opinions. Chevron: A Weak Stock Exxon Breaks U.S Profit Record Comprehensive Analysis: Chevron Comprehensive Analysis: Exxon Comparative Analysis: Chevron vs. Exxon What weve Learned: Suggestions and Recommendations.. Works Cited... Appendix

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Chevron: Providing Energy for Human Progress Chevron, which is one of the worlds 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

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Financial Analysis Report

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. 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. OReilly, 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

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Financial Analysis Report

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 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, Chevrons 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%. Thats 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 ExxonMobils 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, Exxons following quarter wouldnt be so rosy. Crude prices plunged from all time highs to around $65 a barrel. The demand for fuel decreased and

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production levels for Exxon continued to drop. All the while they continue to spend tens of 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 Exxons revenue by the end of 2008 would be greater than Sweden, the worlds 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 Chevrons 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. Chevrons current ratio has stayed relatively stable; however,

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it did decrease between 2007 and 2008 when they increased their accounts payable due to more inventory. Chevrons 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 Chevrons production has been their relatively stable debt ratio. Theyre 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 __________________________________________________________________________ _July 2009 Page 10

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not been able to magnify their earnings. Like mentioned in the analysts opinion, the growth of 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-interestearned ratio. There interest for 2007 was covered 194 times! This assures creditors that Chevron is likely able to pay their annual interests costs. Chevrons 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 Chevrons 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. Chevrons 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. Chevrons return on investors 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 Chevrons stock. Chevrons 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 Chevrons stock. Although they are more willing to pay for their stock than other companies, Chevrons 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 Petersons statement that Chevrons 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 __________________________________________________________________________ _July 2009 Page 11

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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. Chevrons free cash flow for 2008 is two times the industry average; however, it is lower than in 2007. Chevrons 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, its 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, Exxons 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, Exxons liquidity has been able to stay well above the industry averages. During 2007 and 2008, Exxons current ratio has remained relatively the same. Both years, however, are a decrease from 2006. This means that Exxons 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. Exxons 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 __________________________________________________________________________ _July 2009 Page 12

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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 Harrisons statement describing Exxon and Chevron as two ships taking longer to sink. Exxons 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 firms 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. Exxons 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. Exxons times-interest-earned ratio has also increased from __________________________________________________________________________ _July 2009 Page 13

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2006. This is good sign. This shows that Exxons 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. Exxons 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. Exxons decreasing profit margin is due to the increase in their operating costs. Exxons 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. Exxons 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 companys investors are overall receiving a greater return in common stock. Exxons 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 Exxons 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. Exxons 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 Exxons book value than other companies. This could first be due to a skewed industry average. Conocos market/book ratio was extremely out of the norm which skewed the industry average greatly. Even without __________________________________________________________________________ _July 2009 Page 14

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averaging Conocos 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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Chevron vs. Exxon Comparative Analysis: Chevron vs. Exxon

Networking Capital
Networking Capital $30,000,000.00 $25,000,000.00 $20,000,000.00 $15,000,000.00 $10,000,000.00 $5,000,000.00 $Chevron Exxon Industry 2006 $7,895,000.0 $26,960,000. 3,758,768.40 2007 $5,579,000.0 $27,651,000. 3,758,768.40 Year 2008 $4,447,000.0 $23,166,000. 3,758,768.40 Chevron Exxon Industry

Financial Analysis Report

Current Ratio
2 Current Ratio 1.5 1 0.5 0 Chevron Exxon Industry 2006 1.2779 1.55227 1.04656 2007 1.16507 1.47419 1.04656 Year 2008 1.13887 1.47181 1.04656 Chevron Exxon Industry

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

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Cash Ratio
0.8 Cash Ratio 0.6 0.4 0.2 0 Chevron Exxon Industry 2006 0.36935 0.67288 0.16381 2007 0.21782 0.58274 0.16381 Year 2008 0.29188 0.64026 0.16381 Chevron Exxon Industry

Inventory Turnover
Inventory Ratio 60 40 20 0 Chevron Exxon Industry 2006 45.12844 35.24687 24.46311 2007 41.60151 36.48228 24.46311 Year 2008 39.83149 40.98909 24.26311 Chevron Exxon Industry

Days Sales Outstanding

Days Sales Ratio 60 40 20 0 Chevron Exxon Industry 2006 30.62194 27.97365 39.67038 2007 37.08756 32.88638 39.67038 Year 2008 21.19903 18.88773 39.67038 Chevron Exxon Industry

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Fixed Assets Turnover Ratio
Fixed Assets Turnover 6 4 2 0 Chevron Exxon Industry 2006 3.05147 3.32171 3.04935 2007 2.81013 3.34703 3.04935 Year 2008 2.96641 3.93387 3.04935 Chevron Exxon Industry

Financial Analysis Report

Total Assets Turnover Ratio

Total Asset Turnover 3 2 1 0 Chevron Exxon Industry 2006 1.58427 1.72424 1.44132 2007 1.48471 1.67114 1.44132 Year 2008 1.69395 2.0932 1.44132 Chevron Exxon Industry

Debt Ratio
Debt Ratio (percentage) 55% 50% 45% 40% Chevron Exxon Industry 2006 48% 48% 53% 2007 48% 50% 53% Year 2008 46% 50% 53% Chevron Exxon Industry

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TIE Ratio
300.00000 TIE Ratio 200.00000 100.00000 Chevron Exxon Industry 2006 71.90022 104.06116 20.06256 2007 194.77711 177.185 20.06256 Year 2008 122.47103 20.06256 Chevron Exxon Industry

D/E Ratio
1.5 D/E Ratio 1 0.5 0 Chevron Exxon Industry 2006 0.92396 0.92382 1.23191 2007 0.93008 0.98816 1.23191 Year 2008 0.86 1.01878 1.23191 Chevron Exxon Industry

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Financial Analysis Report

Operating Margin
Operating Margin (percentage) 20% 15% 10% 5% 0% Chevron Exxon Industry 2006 15% 18% 10% 2007 15% 18% 10% Year 2008 16% 17% 10% Chevron Exxon Industry

Profit Margin
Profit Margin (percentage) 15% 10% 5% 0% Chevron Exxon Industry 2006 8% 10% 5% 2007 8% 10% 5% Year 2008 9% 9% 5% Chevron Exxon Industry

Return on Assets
ROA (percentage) 30% 20% 10% 0% Chevron Exxon Industry 2006 13% 18% 5% 2007 13% 17% 5% Year 2008 15% 20% 5% Chevron Exxon Industry

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Basic Earnings Power

BEP (percentage) 40% 30% 20% 10% 0% Chevron Exxon Industry 2006 24% 31% 13% 2007 22% 29% 13% Year 2008 27% 36% 13% Chevron Exxon Industry

Return on Investors' Capital

Return on Capital (percentage) 30% 20% 10% 0% Chevron Exxon Industry 2006 13% 18% 6% 2007 13% 17% 6% Year 2008 15% 20% 6% Chevron Exxon Industry

Return on Equity
ROE (percentage) 60% 40% 20% 0% Chevron Exxon Industry 2006 25% 35% 12% 2007 24% 33% 12% Year 2008 28% 40% 12% Chevron Exxon Industry

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Financial Analysis Report

Price/Earnings Ratio
15.00000 P/E Ratio 10.00000 5.00000 Chevron Exxon Industry 2006 10.47436 11.47156 6.24546 2007 12.20 12.72962 6.24546 Year 2008 7.54796 9.09226 6.24546 Chevron Exxon Industry

Book Value/Share Ratio

Book Value/Share 6 4 2 0 Chevron Exxon Industry 2006 0.75 0.8354 3.93933 2007 0.75 0.91657 3.93933 Year 2008 0.75 1.06793 3.93933 Chevron Exxon Industry

Market/Book Ratio
1500 M/B Ratio 1000 500 0 Chevron Exxon Industry 2006 98.04 91.22619 981.758 2007 124.44000 101.83696 981.758 Year 2008 98.62667 74.60748 981.758 Chevron Exxon Industry

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Financial Analysis Report

Free Cash Flow

Free Cash Flow ($) $60,000,000.00 $40,000,000.00 $20,000,000.00 $2006 2007 2008 Chevron Exxon Industry

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

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/getready-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/exxonchevron-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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