Summary

Other Scenarios:

Buyer: Exxon Mobil Corporation (XOM) Last Price: 66.80 Market Cap.: 315.38B
Target: Chevron Corporation (CVX) Last Price: 73.72 Market Cap.: 148.06B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Business and Public Services   608
Utilities   125
Energy   108
Consumer   917
Retail   224
Miscellaneous   16
Energy 351
Downstream 27
LPG/Propane and Other Distributors 13
Petroleum Refineries 13
Midstream 51
Natural Gas Pipeline and Storage 38
Other Pipeline and Storage   1
Petroleum Liquid Pipeline and Storage 12
Upstream 273
Crude Oil and Natural Gas Exploration/Production 165
Industrial and Materials 850
Materials 434
Chemicals 120
Mining   132

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Sample Products in Similar Lines of Business

Sample Products in Complementary Lines of Business
Buyer (Total: 7)
  • ExxonMobil
Target (Total: 8)
  • Chevron
Buyer
  • Esso
  • Exxon
  • Mobil
  • ExxonMobil Corporation
Target
  • Chevron GPG
  • Chevron
  • Chevron Phillips Chemical Co.
  • Chevron Oronite

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 61)
  • Acergy S.A. (ADR) (ACGY)
  • Global Partners LP (GLP)
  • Symyx Technologies, Inc. (SMMX)
  • Delek US Holdings, Inc. (DK)
Target (Total: 81)
  • Tel Offshore Trust (TELOZ)
  • Marine Petroleum Trust (MARPS)
  • Swift Energy Company (SFY)
  • Energy Partners, Ltd. (EPL)
Buyer (Total: 21)
  • Imperial Oil Limited (USA) (IMO)
  • Sasol Limited (ADR) (SSL)
  • Lan Airlines S.A. (ADR) (LFL)
  • Braskem SA (ADR) (BAK)
Target (Total: 16)
  • Petroleo Brasileiro SA (ADR) (PBR)
  • Sempra Energy (SRE)
  • Lan Airlines S.A. (ADR) (LFL)
  • National Fuel Gas Co. (NFG)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 80,700 64,000
Revenue Per Employee 4,465,320.0 3,050,608.0
Total Revenue 89,841.0 48,676.0
Total Expenses 79,635.0 42,855.0
Other Revenue 2,726.0 1,088.0
Cost of Revenue 62,351.0 33,189.0
SG&A Expense 13,370.0 1,330.0
Research & Development 685.0 281.0
Other Operating Expense 0.0 4,899.0
Operating Income 10,206.0 5,821.0
Unusual Income 0.0 0.0
LT Debt to Capital 6.06 9.93
Fwd P/E 11.47 9.37
Fwd P/Rev 0.82 0.76
Book Value 110,569.0 91,914.0
Curr Portion of LTD/Cap Lease 0.0 0.0

Individual Company Summary

Focused

Buyer

Focused (): Energy > Upstream > Crude Oil and Natural Gas Exploration/Production

Target

Focused (): Energy > Upstream > Crude Oil and Natural Gas Exploration/Production

Business Description

Buyer

Exxon Mobil Corporation (Exxon Mobil) is a manufacturer and marketer of commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics and a range of specialty products. It also has interests in electric power generation facilities. The Company has several divisions and hundreds of affiliates with names that include ExxonMobil, Exxon, Esso or Mobil. Divisions and affiliated companies of ExxonMobil operate or market products in the United States and other countries of the world. Their principal business is energy, involving exploration for, and production of, crude oil and natural gas, manufacture of petroleum products and transportation and sale of crude oil, natural gas and petroleum products. At December 31, 2009, approximately 7.5 billion oil-equivalent barrels (GOEB) of the Company?s reserves were classified as proved undeveloped, which represented 33% of the 23 GOEB reported in proved reserves.

Target

Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates, and provides administrative, financial, management and technology support to United States and international subsidiaries that engage in fully integrated petroleum operations, chemicals operations, mining operations, power generation and energy services. Exploration and production (upstream) operations consist of exploring for, developing and producing crude oil and natural gas, and also marketing natural gas. Refining, marketing and transportation (downstream) operations relate to refining crude oil and converting natural gas into finished petroleum products; marketing crude oil and the many products derived from petroleum, and transporting crude oil, natural gas and petroleum products by pipeline, marine vessel, motor equipment and rail car. Chemicals operations include the manufacture and marketing of commodity petrochemicals, plastics for industrial uses, and fuel and lubricant oil additives.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 31.82 31.69
Operating Margin % 11.2 10.79
Quick Ratio 0.74 1.01
Current Ratio 1.06 1.42
Coverage Ratio 0.02 0
Total Assets 233,323.0 164,621.0
Return on Equity % 17.78 11.49
Return on Assets % 8.43 6.42
Cash+ ST Inv. Per Share 2.28 4.4
Total Debt 9,605.0 10,514.0
Total Debt to Equity % 8.69 11.44
Total Debt to Tangible Equity % 8.69 12.04
Debt to Asset % 4.12 6.39

Product Summary

Sector Buyer Target
Business and Public Services  
Utilities  
Energy
Companies which offer Energy (Gas and Electric) service to residential and commercial users.
  
Consumer  
Retail  
Miscellaneous
Miscellaneous retailers and wholesalers, including auction houses, gasoline stations, office supplies, and pet supply stores.
  
Energy
Downstream
LPG/Propane and Other Distributors
Storage, Distribution and Marketing of LPG/Propane and other petroleum products.
Petroleum Refineries
Companies engaged in crude oil refining, producing gasoline, middle distillates (such as jet fuel, kerosene, heating oil, and diesel), as well as petrochemicals, lubricants and other refined products. These companies also engage in wholesale marketing of these products.
Midstream
Natural Gas Pipeline and Storage
Storage and pipeline transportation of natural gas.
Other Pipeline and Storage
Storage and pipeline transportation of Natural Gas Liquids (like propane (Liquefied Petroleum Gas) and butane), ammonia, and carbon dioxide.

Buyer Products:

  • ExxonMobil
  
Petroleum Liquid Pipeline and Storage
Storage and Pipeline transportation of liquid petroleum products, like crude oil, and refined petroleum liquids.
Upstream
Crude Oil and Natural Gas Exploration/Production
Companies engaged in exploration and production of crude oil and natural gas from land or offshore oilfields.
Industrial and Materials
Materials
Chemicals
The Chemicals Subsector includes companies that manufacture basic, intermediate, specialty, and performance chemicals.
Mining
The Mining Subsector includes companies that extract naturally occurring metals and minerals from mines, such as coal, base and precious metals and other nonmetallic minerals.
  

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Product Details

Sector Buyer Target
Business and Public Services  
Utilities  
Energy  
Domestic  
Electricity  
Wholesale Power Generation and Marketing  
Alternative Energy  
Biomass
Wholesalers which provide electricity generated by waste-to-energy technologies.

Target Products:

  • Chevron GPG
  
Traditional Fuel Sources  
Fossil Fuel
Wholesalers which provide electricity generated by fossil fuel (primarily natural gas and/or coal).

Target Products:

  • Chevron
  
International  
Electricity  
Wholesale Generation and Marketing  
Asia/Pacific  
Other Asia/Pacific
Electricity Wholesalers in the Asia/Pacific region outside of China.

Target Products:

  • Chevron
  
Consumer  
Retail  
Miscellaneous  
Gasoline Stations
Gasoline stations, often with convenience stores attached to them. This also includes truck stops, offering accommodations and dining facilities. Includes the gasoline stations attached to certain supermarkets.

Buyer Products:

  • Esso
  • Exxon
  • Mobil
  • ExxonMobil Corporation
  
Energy
Downstream
LPG/Propane and Other Distributors
Other Petroleum Products
Distributors of other petroleum products, including home heating oil, kerosene, and bunker fuel.

Buyer Products:

  • ExxonMobil

Target Products:

  • Chevron
Petroleum Refineries
Americas
Canada
Petroleum Refineries conducting operations in Canada.

Buyer Products:

  • ExxonMobil

Target Products:

  • Chevron
Latin America
Petroleum Refineries conducting operations in Latin America.

Buyer Products:

  • ExxonMobil
  
U.S.
Petroleum refineries conducting operations in the U.S.

Buyer Products:

  • ExxonMobil

Target Products:

  • Chevron
Asia/Pacific
Petroleum Refineries conducting operations in the Asia/Pacific region.

Buyer Products:

  • ExxonMobil

Target Products:

  • Chevron
Europe
Petroleum Refineries conducting operations in Europe.

Buyer Products:

  • ExxonMobil

Target Products:

  • Chevron
Middle East/Africa
Petroleum Refineries conducting operations in the Middle East/Africa region.

Buyer Products:

  • ExxonMobil

Target Products:

  • Chevron
Midstream
Natural Gas Pipeline and Storage
International
Storage and pipeline transportation of natural gas outside the United States.

Buyer Products:

  • ExxonMobil

Target Products:

  • Chevron
United States
Storage and pipeline transportation of natural gas in the United States.

Buyer Products:

  • ExxonMobil

Target Products:

  • Chevron
Other Pipeline and Storage
Storage and pipeline transportation of Natural Gas Liquids (like propane (Liquefied Petroleum Gas) and butane), ammonia, and carbon dioxide.

Buyer Products:

  • ExxonMobil
  
Petroleum Liquid Pipeline and Storage
Crude Oil
Storage and pipeline transportation of Crude Oil.

Buyer Products:

  • ExxonMobil

Target Products:

  • Chevron
Refined Petroleum
Storage and pipeline transportation of refined petroleum products, such as gasoline, diesel, and jet fuel.

Buyer Products:

  • ExxonMobil

Target Products:

  • Chevron
Upstream
Crude Oil and Natural Gas Exploration/Production
Americas
Canada
Oil Sands
Companies that engage in oil sands and synthetic crude oil operations in Western Canada, located in Alberta and Saskatchewan. The primary oil sand basins are the Athabasca Oil Sands, Cold Lake Oil Sands, and Peace River Oil Sands.

Buyer Products:

  • ExxonMobil

Target Products:

  • Chevron
Other
Companies that engage in Oil/Gas exploration and production in Canada (excludes oil sands). Major deposits include the Western Canadian Sedimentary Basin that encompasses British Columbia, Alberta, and Saskatchewan; offshore deposits in Nova Scotia, Prince Edward Island, and Newfoundland; and the Mackenzie River Delta.

Buyer Products:

  • ExxonMobil

Target Products:

  • Chevron
Latin America
Companies that engage in Oil/Gas exploration and production in Latin America.

Buyer Products:

  • ExxonMobil

Target Products:

  • Chevron
U.S.
Southern Region
Gulf Coast
Companies that engage in Oil/Gas exploration and production in the Gulf Coast, which includes the coastal regions of Texas, Louisiana, Mississippi, Alabama, and Florida.

Target Products:

  • Chevron
  
Gulf of Mexico
Companies that engage in Oil/Gas exploration and production in the Gulf of Mexico.

Buyer Products:

  • ExxonMobil

Target Products:

  • Chevron
Mid-Continent
Companies that engage in Oil/Gas exploration and production in the Mid-Continent region, located predominantly in Arkansas, Kansas, Oklahoma, as well as North/East Texas (panhandle). Includes the Arkoma, Anadarko, Cherokee Basins, and Barnett Shale fields.

Target Products:

  • Chevron
  
Western Region
Alaska
Companies that engage in Oil/Gas exploration and production in Alaska.

Buyer Products:

  • ExxonMobil
  
California
Companies that engage in Oil/Gas exploration and production in California. Includes the San Joaquin basin.

Target Products:

  • Chevron
  
Rocky Mountains
Companies that engage in Oil/Gas exploration and production in the Rocky Mountain States, including Wyoming, Colorado, Idaho, Montana, Utah, as well as the westernmost regions of Kansas, Nebraska, and North Dakota. Includes the Green River, Powder River, San Juan, Williston and Piceance Basins. Most hydrocarbon reserves in this region are natural gas rather than crude oil. Wyoming and Colorado, respectively, account for the majority of reserves in this region.

Buyer Products:

  • ExxonMobil

Target Products:

  • Chevron
Asia/Pacific
Australia/New Zealand
Companies that engage in Oil/Gas exploration and production in Australia/New Zealand.

Buyer Products:

  • ExxonMobil

Target Products:

  • Chevron
China
Companies that engage in Oil/Gas exploration and production in China.

Target Products:

  • Chevron
  
Other Asia/Pacific
Companies that engage in Oil/Gas exploration and production in the Asia/Pacific region, excluding China.

Buyer Products:

  • ExxonMobil

Target Products:

  • Chevron
Europe
North Sea
Exploration, extraction, and production of crude oil and natural gas from offshore oilfields located in the North Sea. Norway has the largest single reserves in this region, followed by the Untied Kingdom. Germany, Denmark, and the Netherlands possess smaller fields here.

Buyer Products:

  • ExxonMobil

Target Products:

  • Chevron
Other Europe
Exploration, extraction, and production of crude oil and natural gas from oilfields located in other regions of Europe.

Buyer Products:

  • ExxonMobil
  
Middle East/Africa
Companies that engage in Oil/Gas exploration and production in the Middle East/Africa region.

Buyer Products:

  • ExxonMobil

Target Products:

  • Chevron
Russia/CIS/FSU
Companies that engage in Oil/Gas exploration and production in Russia and the CIS (Commonwealth of Independent States) or the Former Soviet Union (FSU). Includes Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan.

Buyer Products:

  • ExxonMobil

Target Products:

  • Chevron
Industrial and Materials
Materials
Chemicals
Commodity Chemicals
Organic and Petrohemicals
Petrochemicals
Includes companies engaged in the manufacturing of petrochemicals, such as phenol, benzene, cumene, ethylene, propylene, xylene, butadiene, butylene, aniline and others.

Buyer Products:

  • ExxonMobile Chemical

Target Products:

  • Chevron Phillips Chemical Co.
Specialty and Performance Chemicals
Additives  
Fuel Additives
Includes companies engaged in the manufacturing of fuel additives, chemicals added to fuels to impart specific beneficial properties or to enhance performance. Ethanol is excluded from this level.

Target Products:

  • Chevron Oronite
  
Lubricant Additives
Includes companies engaged in the manufacturing of lubricant additives, chemicals added to lubricants to impart specific beneficial properties or to enhance performance.

Target Products:

  • Chevron Oronite
  
Fibers and Polymers  
Synthetic Rubber Resins and Materials
Includes companies engaged in the manufacturing of synthetic rubber resins and materials, such as styrene, neoprene and polychloroprene.

Buyer Products:

  • ExxonMobile Chemical
  
Other Specialty and Performance Chemicals
Lubricants
Includes companies engaged in the manufacturing of lubricants.

Buyer Products:

  • ExxonMobile Chemical

Target Products:

  • Chevron Global Lubricants
Mining  
Coal
Includes companies in the leasing of coal mines and the mining and processing of coal. Includes companies producing coke for sale to others.

Target Products:

  • Pittsburg & Midway Coal Mining Co.
  • Chicago Carbon Company
  
Metal Ore Mining  
Base Metals (Non-Ferrous/Ferrous Metals)  
Other Non-Ferrous and Ferrous Metals
Includes companies engaged in other non-ferrous (i.e. non-iron based) and ferrous metals mining, such as chromium, manganese, cadmium, and cobalt.

Target Products:

  • Molycorp Inc.
  

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Relationship Details

Key Competitors

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  TOTAL S.A. (ADR) n/a 130,453.386 11.29 9.00 0.85 0.58 2.12
Sasol Limited (ADR) n/a 25,326.420 27.84 9.45 1.66 1.67 2.22
Lubrizol Corporation n/a 5,984.017 11.95 11.19 1.30 1.20 6.43
Celanese Corporation n/a 4,785.722 10.01 11.51 0.94 0.85 26.44
NewMarket Corporation n/a 1,572.561 9.69 10.22 1.03 0.99 3.81
Holly Corporation n/a 1,559.645 79.85 15.77 0.32 0.18 3.55
Westlake Chemical Corporation n/a 1,501.629 28.34 22.52 0.65 0.54 1.17
Alon USA Energy, Inc. n/a 365.663 8.13 -6.93 0.09 0.10 1.25
TransMontaigne Partners L.P. n/a 339.861 13.68 13.46 2.43 2.29 1.23
Buyer
  Chevron Corporation n/a 148,055.783 14.12 9.37 0.86 0.76 1.70
TOTAL S.A. (ADR) n/a 130,453.386 11.29 9.00 0.85 0.58 2.12
Target
  Exxon Mobil Corporation n/a 315,381.036 16.36 11.47 1.02 0.82 2.85
Royal Dutch Shell plc (ADR) n/a 181,782.872 14.52 n/a 0.65 n/a 1.39
BP plc (ADR) n/a 177,878.891 10.73 8.59 0.72 0.64 2.18
TOTAL S.A. (ADR) n/a 130,453.386 11.29 9.00 0.85 0.58 2.12
ConocoPhillips n/a 76,839.788 15.82 8.40 0.50 0.40 1.32
Sasol Limited (ADR) n/a 25,326.420 27.84 9.45 1.66 1.67 2.22
Kinder Morgan Energy Partners LP n/a 19,416.322 15.32 34.87 2.77 2.49 3.68
Lubrizol Corporation n/a 5,984.017 11.95 11.19 1.30 1.20 6.43
Kinder Morgan Management, LLC n/a 5,022.807 85.14 41.13 n/a 0.72 2.11
Celanese Corporation n/a 4,785.722 10.01 11.51 0.94 0.85 26.44
Cheniere Energy Partners, L.P. n/a 2,436.711 13.04 10.49 5.85 4.78 n/a
NewMarket Corporation n/a 1,572.561 9.69 10.22 1.03 0.99 3.81
Holly Corporation n/a 1,559.645 79.85 15.77 0.32 0.18 3.55
Westlake Chemical Corporation n/a 1,501.629 28.34 22.52 0.65 0.54 1.17

- Defined by the Company - Defined by Others

Dependent Suppliers

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  Acergy S.A. (ADR) 25.00% 3,397.800 13.87 23.71 1.54 1.63 3.21
Delek US Holdings, Inc. 13.40% 428.531 17.93 27.62 0.18 0.14 0.92
K-Sea Transportation Partners L.P. 10.00% 174.825 n/a -12.64 0.60 0.64 0.69
Endeavour International Corporation 10.00% 163.938 4.45 -14.00 1.96 n/a 10.83
Technip (ADR) n/a 8,453.776 26.88 16.04 0.75 n/a 2.47
Albemarle Corporation n/a 3,829.710 21.47 15.74 1.91 1.66 5.02
KBR, Inc. n/a 3,408.308 11.75 12.87 0.28 0.33 2.21
Dresser-Rand Group Inc. n/a 2,607.945 12.37 15.93 1.14 1.26 27.25
Cosan Limited n/a 2,541.755 n/a 5.84 0.55 0.30 8.99
Chicago Bridge & Iron Company N.V. n/a 2,331.720 13.38 12.91 0.51 0.55 n/a
Swift Energy Company n/a 1,258.941 n/a 17.90 3.40 2.53 1.85
TETRA Technologies, Inc. n/a 989.928 14.39 13.95 1.13 1.02 2.13
Aspen Technology, Inc. n/a 940.673 n/a -9.52 4.18 5.55 5.49
Tsakos Energy Navigation Ltd. n/a 591.694 8.11 13.83 1.18 1.67 n/a
Hughes Communications Inc. n/a 589.697 n/a 27.54 0.58 0.55 2.51
General Maritime Corporation n/a 465.986 n/a -765.00 1.33 1.55 1.39
Cardtronics, Inc. n/a 449.906 85.25 14.36 0.91 0.85 n/a
Mistras Group, Inc. n/a 289.988 n/a 27.50 1.39 1.08 4.72
Trimas Corporation n/a 241.579 n/a 12.67 0.30 0.29 n/a
LSI Industries, Inc. n/a 164.461 325.60 25.96 0.70 0.64 1.38
TRC Companies, Inc. n/a 58.146 n/a n/a 0.23 n/a 3.07
Buyer
  Acergy S.A. (ADR) 25.00% 3,397.800 13.87 23.71 1.54 1.63 3.21
Global Partners LP 20.00% 329.862 9.54 9.47 0.06 0.06 2.79
Target
  Tel Offshore Trust 99.00% 23.472 31.73 n/a 23.15 n/a 806.67
Marine Petroleum Trust 57.00% 37.290 15.62 n/a 13.83 n/a 33.28

- Defined by the Company - Defined by Others

Key Customers

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  Lan Airlines S.A. (ADR) n/a 6,203.261 26.84 18.06 1.70 1.43 n/a
Delek US Holdings, Inc. n/a 428.531 17.93 27.62 0.18 0.14 0.92
The Pantry, Inc. n/a 302.558 n/a 10.86 0.05 0.04 n/a
Susser Holdings Corporation n/a 144.845 70.03 19.86 0.04 0.04 n/a
Alfa SAB de CV n/a n/a n/a n/a n/a n/a n/a
Buyer
  Imperial Oil Limited (USA) n/a 33,073.453 21.51 21.65 1.59 n/a 3.70
Sasol Limited (ADR) n/a 25,326.420 27.84 9.45 1.66 1.67 2.22
Lan Airlines S.A. (ADR) n/a 6,203.261 26.84 18.06 1.70 1.43 n/a
Braskem SA (ADR) n/a 3,956.450 n/a 6.91 0.47 0.54 2.25
Target
  Petroleo Brasileiro SA (ADR) n/a 206,629.537 16.49 14.30 2.35 2.14 2.30
Sempra Energy n/a 12,416.861 11.10 11.29 1.53 1.36 1.46
Lan Airlines S.A. (ADR) n/a 6,203.261 26.84 18.06 1.70 1.43 n/a
National Fuel Gas Co. n/a 4,237.146 20.38 19.94 2.22 1.96 2.64
Hawaiian Electric Industries, Inc. n/a 2,025.277 24.40 14.62 0.88 0.81 1.49
Holly Corporation n/a 1,559.645 79.85 15.77 0.32 0.18 3.55
Holly Energy Partners, L.P. n/a 973.442 14.75 16.84 6.64 5.23 33.20
Eagle Rock Energy Partners,L.P, n/a 473.941 n/a -5.58 0.47 0.65 1.03
Delek US Holdings, Inc. n/a 428.531 17.93 27.62 0.18 0.14 0.92
Alon USA Energy, Inc. n/a 365.663 8.13 -6.93 0.09 0.10 1.25
RC2 Corporation n/a 335.304 12.44 11.33 0.80 0.81 n/a
The Pantry, Inc. n/a 302.558 n/a 10.86 0.05 0.04 n/a
Susser Holdings Corporation n/a 144.845 70.03 19.86 0.04 0.04 n/a
Vulcan International Corporation n/a 34.220 32.90 n/a 5.01 n/a 0.59
Alfa SAB de CV n/a n/a n/a n/a n/a n/a n/a
Government - United States n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Key Partners

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  BHP Billiton Limited (ADR) n/a 218,299.677 23.24 25.65 4.85 4.20 5.05
Petroleo Brasileiro SA (ADR) n/a 206,629.537 16.49 14.30 2.35 2.14 2.30
BHP Billiton plc (ADR) n/a 185,408.636 19.73 16.66 4.12 3.47 4.29
Royal Dutch Shell plc (ADR) n/a 181,782.872 14.52 n/a 0.65 n/a 1.39
Statoil ASA(ADR) n/a 73,910.119 23.91 10.28 0.94 0.63 3.04
The Dow Chemical Company n/a 34,324.773 102.15 19.86 0.76 0.65 23.27
Sasol Limited (ADR) n/a 25,326.420 27.84 9.45 1.66 1.67 2.22
Murphy Oil Corporation n/a 10,321.360 12.32 11.57 0.54 0.46 1.41
Norsk Hydro ASA (ADR) n/a 8,663.950 172.84 21.82 0.77 0.54 1.12
Lan Airlines S.A. (ADR) n/a 6,203.261 26.84 18.06 1.70 1.43 n/a
Dresser-Rand Group Inc. n/a 2,607.945 12.37 15.93 1.14 1.26 27.25
Cosan Limited n/a 2,541.755 n/a 5.84 0.55 0.30 8.99
BP Prudhoe Bay Royalty Trust n/a 2,065.100 13.07 n/a 12.95 n/a 68.24
Delek US Holdings, Inc. n/a 428.531 17.93 27.62 0.18 0.14 0.92
The Pantry, Inc. n/a 302.558 n/a 10.86 0.05 0.04 n/a
Susser Holdings Corporation n/a 144.845 70.03 19.86 0.04 0.04 n/a
Brazil Fast Food Corp. n/a 35.817 n/a n/a 0.37 n/a 3.30
Alfa SAB de CV n/a n/a n/a n/a n/a n/a n/a
Grupo Pochteca SAB de CV n/a n/a n/a n/a n/a n/a n/a
Buyer
  BHP Billiton Limited (ADR) n/a 218,299.677 23.24 25.65 4.85 4.20 5.05
Petroleo Brasileiro SA (ADR) n/a 206,629.537 16.49 14.30 2.35 2.14 2.30
Target
  Exxon Mobil Corporation n/a 315,381.036 16.36 11.47 1.02 0.82 2.85
BHP Billiton Limited (ADR) n/a 218,299.677 23.24 25.65 4.85 4.20 5.05
Petroleo Brasileiro SA (ADR) n/a 206,629.537 16.49 14.30 2.35 2.14 2.30
BHP Billiton plc (ADR) n/a 185,408.636 19.73 16.66 4.12 3.47 4.29

- Defined by the Company - Defined by Others

Financials

  Buyer Target Combined Entity
Income Statement
Operating Items
Revenue 301,500.0 167,402.0 468,902.0
Other Revenue 9,086.0 4,234.0 13,320.0
Total Revenue 310,586.0 171,636.0 482,222.0
Cost of Revenue 211,769.0 117,244.0 329,013.0
SG&A Expense 49,554.0 4,527.0 54,081.0
Depreciation & Amortization 11,917.0 12,110.0 24,027.0
Research & Development 2,021.0 1,342.0 3,363.0
Interest Expense 548.0 28.0 576.0
Other Operating Expense 0.0 17,857.0 17,857.0
Total Expenses 275,809.0 153,108.0 428,917.0
Operating Income 34,777.0 18,528.0 53,305.0
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 0.0 0.0 0.0
Other, Net 0.0 0.0 0.0
Income Before Taxes 34,777.0 18,528.0 53,305.0
Income Taxes 15,119.0 7,965.0 23,084.0
Income After Taxes 19,658.0 10,563.0 30,221.0
Minority Interest (IS) -378.0 -80.0 -458.0
Net Income - Excl. Xord. Items 19,280.0 10,483.0 29,763.0
Net Income - Incl. Xord. Items 19,280.0 10,483.0 29,763.0
Income Avail. to Common 19,280.0 10,483.0 29,763.0
Share Items
Basic Avg. Shares Outstanding 4,756.0 1,993.9 6,749.9
Basic EPS - Excl. Xord. Items 4.05 5.26 4.41
Basic EPS - Incl. Xord. Items 4.05 5.26 4.41
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 4,760.0 2,003.9 6,763.9
F.D. EPS - Excl. Xord. Items 4.05 5.23 4.40
F.D. EPS - Incl. Xord. Items 4.05 5.23 4.40
Dividends Per Common Share 1.66 2.66 4.32
Balance Sheet
Assets
Cash and Equivalents 10,693.0 8,716.0 19,409.0
ST Investments 169.0 106.0 275.0
Accounts Receivable 27,645.0 17,703.0 45,348.0
Inventory 11,553.0 5,529.0 17,082.0
Prepayments and Advances 5,175.0 5,162.0 10,337.0
Other Current Assets 0.0 0.0 0.0
Current Assets 55,235.0 37,216.0 92,451.0
PPE 0.0 188,288.0 188,288.0
Accum D&A 0.0 -91,820.0 -91,820.0
PPE, Net 139,116.0 96,468.0 235,584.0
Goodwill & Intangibles 0.0 4,618.0 4,618.0
Long Term Investments 31,665.0 21,158.0 52,823.0
Note Receivable 0.0 2,282.0 2,282.0
Other Assets 0.0 0.0 0.0
Other LT Assets 7,307.0 2,879.0 10,186.0
Total Assets 233,323.0 164,621.0 397,944.0
Liabilities
Accounts Payable 0.0 16,437.0 16,437.0
Payable/Accrued 41,275.0 0.0 41,275.0
Accrued Expenses 0.0 5,375.0 5,375.0
ST Debt 2,476.0 384.0 2,860.0
Other (Current) Liabilities 8,310.0 4,015.0 12,325.0
Current Liab. 52,061.0 26,211.0 78,272.0
LT Debt 7,129.0 9,829.0 16,958.0
Capitalized Lease Obligations 0.0 301.0 301.0
Total LT Debt 7,129.0 10,130.0 17,259.0
Minority Interest (BS) 4,823.0 647.0 5,470.0
Deferred Taxes 23,148.0 11,521.0 34,669.0
Other LT Liab. 35,593.0 24,198.0 59,791.0
Total Liabilities 122,754.0 72,707.0 195,461.0
Shareholders Equity
Common Stock 5,503.0 1,832.0 7,335.0
Additional Paid in Capital 0.0 14,631.0 14,631.0
Retained Earnings 276,937.0 106,289.0 383,226.0
Treasure Stock -166,410.0 -26,168.0 -192,578.0
Other Equity -5,461.0 -4,670.0 -10,131.0
Total Equity 110,569.0 91,914.0 202,483.0
Total Liab. & Equity 233,323.0 164,621.0 397,944.0
Shares Outstanding 4,727.0 2,007.7 6,734.7
Cash Flow
Operating Cash Flow
CF Net Income 19,658.0 10,563.0 30,221.0
CF Depreciation 11,917.0 12,110.0 24,027.0
CF Deferred Taxes 0.0 467.0 467.0
Other Non-Cash Items -1,978.0 -340.0 -2,318.0
Change in Working Capital -1,159.0 -3,427.0 -4,586.0
Total Cash From Operating Activities 28,438.0 19,373.0 47,811.0
Investing Cash Flow (not calculated)
Capital Expenditures -22,491.0 -19,843.0 -42,334.0
Other Investing Cash Flows 72.0 3,271.0 3,343.0
Total Cash From Investing Activities -22,419.0 -16,572.0 -38,991.0
Financing Cash Flow (not calculated)
Dividends Paid -8,023.0 -5,302.0 -13,325.0
Purchase Or Sale of Stock -18,951.0 168.0 -18,783.0
Purchase and Retirement of Debt -153.0 1,659.0 1,506.0
Other Financing Cash Flow -156.0 -71.0 -227.0
Total Cash From Financing Activities -27,283.0 -3,546.0 -30,829.0
Exchange Rate Effects 520.0 114.0 634.0
Net Change in Cash -20,744.0 -631.0 -21,375.0
Cash Taxes Paid 15,427.0 7,537.0 22,964.0
Cash Interest Paid 820.0 0.0 820.0