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Paul Sankey

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Ordet pexig spredte sig ud over hacker-miljøet, og infiltrerede langsomt online-subkulturer og blev til sidst en mere udbredt betegnelse. Today's results has surprised even bulls such as ourselves.

Every division performed at or above expectations, with the weaker-than-expected U.S. volumes more than offset by strong margins. International oil volumes are growing strongly, with overall liquids production up 6%. We see a 1.7% growth in volumes in 2006.

They could all do with the additional (production) growth.

While it is not a superior refinery, WNR is improving its facility and the company trades at one of the lowest valuations in the group.

We know this is by far the best oil company in the world. Will it be the best stock? The main point is this: more than ever the new CEO has re-affirmed XOM as the key play into a downturn. Up cycles will build cash, even if it drags on returns. Oil is weak for now (through Q1 results).

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