Summary

Other Scenarios:

Buyer: Exxon Mobil Corporation (XOM) Last Price: 83.80 Market Cap.: 407.45B
Target: Chevron Corporation (CVX) Last Price: 105.28 Market Cap.: 210.87B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Business and Public Services   611
Business Services   228
Construction and Engineering   55
Utilities   122
Energy   105
Consumer 895
Retail 228
Miscellaneous 14
Energy 368
Downstream 27
LPG/Propane and Other Distributors 15
Petroleum Refineries 12
Midstream 64
Natural Gas Pipeline and Storage 46
Other Pipeline and Storage 2
Petroleum Liquid Pipeline and Storage 15
Upstream 277
Crude Oil and Natural Gas Exploration/Production 174
Support Activities for Oil and Gas Operations   78
Industrial and Materials 878
Materials 459
Chemicals 123
Mining   142

- 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: 12)
  • Imperial Oil Limited
  • ExxonMobil
  • XTO Energy Inc. - Phillips Resources, Inc.
  • XTO Energy Inc.
Target (Total: 18)
  • Chevron
  • Atlas Energy, Inc.
  • Tengizchevroil (TCO)
Buyer
  • ExxonMobil
  • Mobil
  • Esso
  • Exxon
Target
  • Chevron Energy Solutions
  • Chevron Power Generation
  • Chevron Technology Ventures
  • Texaco

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 115)
  • Union Drilling, Inc. (UDRL)
  • Apco Oil and Gas International Inc (APAGF)
  • Energy XXI (Bermuda) Limited (EXXI)
  • Triangle Petroleum Corporation (TPLM)
Target (Total: 120)
  • Tel Offshore Trust (TELOZ)
  • Marine Petroleum Trust (MARPS)
  • Atwood Oceanics, Inc. (ATW)
  • KBR, Inc. (KBR)
Buyer (Total: 44)
  • Caterpillar Inc (CAT)
  • Nissan Jidosha KK (NSANY)
  • General Motors Company (GM)
  • Sasol Ltd (SSL)
Target (Total: 35)
  • Lan Airlines SA (LFL)
  • HollyFrontier Corp (HFC)
  • National Fuel Gas Co. (NFG)
  • UGI Corporation (UGI)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 83,600 62,000
Revenue Per Employee 6,020,610.0 4,460,479.0
Total Revenue 121,609.0 59,985.0
Total Expenses n/a 50,020.0
Other Revenue n/a 1,958.0
Cost of Revenue 104,568.0 39,043.0
SG&A Expense n/a n/a
Research & Development n/a 386.0
Other Operating Expense n/a 7,278.0
Operating Income 121,609.0 9,965.0
Unusual Income n/a n/a
LT Debt to Capital n/a n/a
Fwd P/E 10.28 8.32
Fwd P/Rev 0.87 0.76
Book Value n/a 121,382.0
Curr Portion of LTD/Cap Lease n/a n/a

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. It has many 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. On June 25, 2010, it acquired XTO Energy Inc. by merging a wholly owned subsidiary of ExxonMobil with and into XTO. In October 2010, Global Partners LP acquired retail gasoline stations from Exxon Mobil. In June 2011, the Company acquired Phillips Resources.

Target

Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in petroleum operations, chemicals operations, mining operations, power generation and energy services. Upstream operations consist of exploring for, developing and producing crude oil and natural gas; transporting crude oil by international oil export pipelines; transporting, storage and marketing of natural gas, and a gas-to-liquids project. Downstream operations consist of refining of crude oil into petroleum products marketing of crude oil and refined products. In September 2010, the Company completed acquisition of operating interests in three deepwater exploration blocks in the South China Sea?s Pearl River Mouth Basin. In February 2011, Chevron completed the acquisition of Atlas Energy, Inc.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 26.23 34.75
Operating Margin % 36.56 18.78
Quick Ratio 0.63 1.27
Current Ratio 0.93 1.64
Coverage Ratio n/a n/a
Total Assets 323,227.0 209,474.0
Return on Equity % 83.32 89
Return on Assets % 40.2 51.57
Cash+ ST Inv. Per Share 2.68 10.1
Total Debt 16,762.0 10,511.0
Total Debt to Equity % 10.75 8.66
Total Debt to Tangible Equity % 10.75 9
Debt to Asset % 5.19 5.02

Product Summary

Sector Buyer Target
Business and Public Services  
Business Services  
Construction and Engineering
Companies that provide Construction and related engineering services to businesses, governmental organizations, and other organizations. Examples of Services offered include Commercial/Industrial/Residential Building construction, Infrastructure Construction (Civil engineering projects such as roads, bridges etc., and Utilities facilities construction). Engineering Services are also included, which comprise environmental consulting services offered to manufacturers to deal with waste by-products, and engineering consulting 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 Pipeline Company
  • ExxonMobil

Target Products:

  • Chevron
  • Atlas Pipeline Partners GP
  • Atlas Pipeline Holdings, L.P.
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.
Support Activities for Oil and Gas Operations
Companies which provide support services for oil/gas operations, including equipment manufacturing, oil/gas well drilling, and other support operations.
  
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  
Business Services  
Construction and Engineering  
Specialty Contractors  
Commercial
Companies engaged in the construction and maintenance of commercial building infrastructures including: HVAC, fire prevention systems, electrical, utilities, communications systems, and plumbing, as well as metal fabrication and erection services. Commercial furniture installation services are also included.

Target Products:

  • Chevron Energy Solutions
  
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 Power Generation
  
Solar
Wholesalers which provide electricity generated by solar power.

Target Products:

  • Chevron Technology Ventures
  
Wind
Wholesalers which provide electricity generated by wind power.

Target Products:

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

Target Products:

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

Target Products:

  • Chevron Power Generation
  
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:

  • ExxonMobil
  • Mobil
  • Esso
  • Exxon

Target Products:

  • Texaco
  • CALTEX
  • Chevron
Energy
Downstream
LPG/Propane and Other Distributors
CNG/LNG Distributors
Companies which distribute CNG/LNG, primarily to vehicle fleets through a network of fueling stations.

Target Products:

  • Chevron
  
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:

  • Imperial Oil Limited
  • 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:

  • TonenGeneral Sekiyu K.K.
  • 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:

  • Imperial Oil Limited
  • ExxonMobil

Target Products:

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

Buyer Products:

  • ExxonMobil Pipeline Company
  • ExxonMobil
  • XTO Energy Inc.

Target Products:

  • Chevron
  • Atlas Pipeline Partners GP
  • Atlas Pipeline Holdings, L.P.
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 Pipeline Company
  • ExxonMobil

Target Products:

  • Chevron
  • Atlas Pipeline Partners GP
  • Atlas Pipeline Holdings, L.P.
Petroleum Liquid Pipeline and Storage
Crude Oil
Storage and pipeline transportation of Crude Oil.

Buyer Products:

  • Imperial Oil Limited
  • ExxonMobil
  • ExxonMobil Pipeline Company

Target Products:

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

Buyer Products:

  • ExxonMobil Pipeline Company
  • ExxonMobil

Target Products:

  • Chevron
  • Chevron Phillips Chemical Company LLC (CPChem)
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:

  • Imperial Oil Limited
  • 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:

  • Imperial Oil Limited
  • 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.
Eastern Region
Appalachian Basin
Companies that engage in Gas exploration and production in the Appalachian Basin. Since the Appalachian basin is a coal bed, it is primarily Coal Bed Methane (CBM) which is extracted here (although oil accounts for about 8% of total deposits). The Appalachian Basin includes regions of Kentucky, New York, Ohio, Pennsylvania, Tennessee, Virginia, and West Virginia. Includes the Marcellus Shale and Utica Shale fields.

Buyer Products:

  • XTO Energy Inc. - Phillips Resources, Inc.
  • XTO Energy Inc.

Target Products:

  • Atlas Energy, Inc.
Illinois Basin
Companies that engage in Oil/Gas exploration and production in the Illinois Basin. Includes regions of Illinois, Indiana, and Northwest Kentucky.

Target Products:

  • Atlas Energy, Inc.
  
Michigan Basin
Companies that engage in Oil/Gas exploration and production in the Michigan Basin. As well as Michigan, the basin includes regions of Indiana, Illinois, Ohio, and Wisconsin, and Ontario.

Target Products:

  • Atlas Energy, Inc.
  
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. Includes the Eagle Ford Shale play in South Texas, which is part of the Austin Chalk formation in Texas, Louisiana and Mississippi.

Buyer Products:

  • XTO Energy Inc.

Target Products:

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

Buyer Products:

  • ExxonMobil
  • XTO Energy Inc.

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, Haynesville Shale, and Barnett Shale fields.

Buyer Products:

  • XTO Energy Inc.

Target Products:

  • Chevron
Permian Basin
Companies that engage in Oil/Gas exploration and production in the Permian Basin, located predominantly in Texas, and the southeast region of New Mexico.

Buyer Products:

  • XTO Energy Inc.
  
Western Region
Alaska
Companies that engage in Oil/Gas exploration and production in Alaska.

Buyer Products:

  • ExxonMobil

Target Products:

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

Buyer Products:

  • ExxonMobil

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. Includes the Bakken Shale Formation in North Dakota and Montana.

Buyer Products:

  • ExxonMobil
  • XTO Energy Inc.

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 United 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

Target Products:

  • Chevron
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:

  • Tengizchevroil (TCO)
  • Chevron
Support Activities for Oil and Gas Operations  
Other Support Activities  
Well Servicing
Well servicing operations, including well strengthening and shoring (e.g. pressure pumping), maintaining well equipment, and extinguishing well fires. Drilling Fluids supply services are also included.

Target Products:

  • Chevron Phillips Chemical Company LP - Drilling Specialties Company
  • Atlas Energy, Inc.
  
Industrial and Materials
Materials
Chemicals
Commodity Chemicals
Organic and Petrochemicals
Alternative Fuels
Biodiesel
Includes companies engaged in the manufacturing of alternative diesel fuel that is produced from either animal fat or vegetable oils. This is distinct from the more common form of diesel, also know as petrodiesel, which is derived from crude oil.

Buyer Products:

  • ExxonMobil

Target Products:

  • Chevron Technology Ventures
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 Company LLC (CPChem)
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.

Buyer Products:

  • ExxonMobile Chemical

Target Products:

  • Chevron Oronite
Other Performance Additives
Includes companies engaged in the manufacturing of other performance additives, chemicals added to a variety of materials to impart specific beneficial properties or to enhance performance.

Buyer Products:

  • ExxonMobile Chemical
  
Polymer Additives
Includes companies engaged in the manufacturing of polymer additives, chemicals added to polymers to impart specific beneficial properties or to enhance performance.

Buyer Products:

  • ExxonMobile Chemical
  
Fibers and Polymers
Plastic Resins and Materials
Includes companies engaged in the manufacturing of plastic resins and materials, such as polyethylene, polypropylene, polystyrene, polycarbonates, thermoplastic polyester, polyamide, acrylonitrile butadiene styrene and others.

Buyer Products:

  • ExxonMobile Chemical

Target Products:

  • Chevron Phillips Chemical Company LLC (CPChem)
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:

  • Mobil 1
  • ExxonMobile Lubricants & Specialties

Target Products:

  • Havoline
  • Delo
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:

  • Chevron Mining Inc.
  
Metal Ore Mining  
Base Metals (Non-Ferrous/Ferrous Metals)  
Molybdenum
Includes companies engaged in molybdenum mining.

Target Products:

  • Chevron Mining Inc.
  
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. Rare earth elements/rare earth metals are also included.

Target Products:

  • Chevron Mining 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 Rel. Revenue % Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  Total SA n/a 126,535.886 8.03 7.45 0.61 0.55 2.27
Sasol Ltd n/a 33,128.222 2.49 8.61 0.39 1.17 0.31
LyondellBasell Industries NV n/a 25,578.254 8.18 9.61 0.51 0.49 2.10
Marathon Oil Corporation n/a 23,669.398 10.00 8.69 1.55 1.84 n/a
Marathon Petroleum Corp n/a 15,714.414 5.41 9.17 0.16 0.22 1.65
Valero Energy Corporation n/a 14,194.627 6.92 7.06 0.11 0.12 n/a
FMC Technologies, Inc. n/a 12,971.792 32.47 23.31 2.76 2.13 11.73
Celanese Corporation n/a 7,815.632 12.90 10.75 1.16 1.13 20.35
HollyFrontier Corp n/a 7,058.050 4.23 8.56 0.56 0.39 2.69
Westlake Chemical Corporation n/a 3,893.212 12.38 14.74 1.09 1.06 2.25
NewMarket Corporation n/a 2,676.563 13.25 11.97 1.25 1.20 n/a
Holly Energy Partners, L.P. n/a 1,245.890 22.84 19.16 6.40 4.87 n/a
Alon USA Energy, Inc. n/a 589.063 21.73 11.94 0.09 0.08 1.41
TransMontaigne Partners L.P. n/a 510.335 17.39 16.47 3.35 3.24 1.49
Miller Energy Resources Inc n/a 172.377 n/a -30.64 5.94 3.52 0.58
CHS Inc n/a n/a n/a n/a n/a n/a n/a
Buyer
  Total SA n/a 126,535.886 8.03 7.45 0.61 0.55 2.27
Honeywell International Inc. n/a 46,421.287 23.09 13.49 1.27 1.22 n/a
Target
  Total SA n/a 126,535.886 8.03 7.45 0.61 0.55 2.27
Sasol Ltd n/a 33,128.222 2.49 8.61 0.39 1.17 0.31
Kinder Morgan Energy Partners LP n/a 28,945.144 152.02 37.29 3.56 3.00 5.60
LyondellBasell Industries NV n/a 25,578.254 8.18 9.61 0.51 0.49 2.10
Marathon Oil Corporation n/a 23,669.398 10.00 8.69 1.55 1.84 n/a
Marathon Petroleum Corp n/a 15,714.414 5.41 9.17 0.16 0.22 1.65
Valero Energy Corporation n/a 14,194.627 6.92 7.06 0.11 0.12 n/a

- Defined by the Company - Defined by Others

Dependent Suppliers

  Name Dir Rel. Revenue % Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  Subsea 7 SA (ADR) 17.00% 7,679.656 13.78 16.87 1.61 n/a 2.35
McDermott International 10.00% 3,107.623 16.06 15.34 0.98 0.90 1.96
Bristow Group Inc. 3.80% 1,718.865 31.66 15.86 1.33 1.37 1.16
Halliburton Company n/a 33,162.099 7.19 9.26 0.80 1.17 2.90
ENSCO PLC n/a 12,861.537 19.65 9.23 5.72 2.74 1.73
Noble Corporation n/a 9,830.626 18.62 12.01 2.19 2.50 1.33
Albemarle Corporation n/a 5,984.359 13.98 13.77 2.09 2.02 3.76
Harris Corporation n/a 5,365.262 10.93 8.25 0.90 0.90 n/a
KBR, Inc. n/a 5,046.915 10.83 12.85 0.53 0.54 3.45
Chicago Bridge & Iron Company N.V. n/a 4,284.834 17.38 14.55 1.01 0.78 125.81
Dresser-Rand Group Inc. n/a 4,143.832 40.81 17.93 1.96 1.45 n/a
Technip (ADR) n/a 2,694.495 3.91 16.50 0.28 0.25 0.79
Teekay Offshore Partners L.P. n/a 1,632.820 761.92 19.47 1.74 1.72 7.05
Swift Energy Company n/a 1,372.147 12.73 20.40 1.95 2.19 1.41
Cardtronics, Inc. n/a 1,159.402 15.55 18.39 1.52 1.58 n/a
Hornbeck Offshore Services, Inc. n/a 969.666 n/a 22.41 2.72 1.82 1.17
EnPro Industries, Inc. n/a 768.053 17.96 12.98 0.69 0.66 7.90
Newpark Resources, Inc. n/a 743.407 9.51 8.99 0.84 0.69 1.96
Mistras Group, Inc. n/a 630.076 30.24 28.54 1.63 1.52 7.75
Endeavour International Corporation n/a 426.760 n/a 7.59 7.11 1.13 14.25
Overseas Shipholding Group Inc. n/a 310.125 n/a -2.03 0.30 0.47 0.20
Buyer
  Union Drilling, Inc. 26.90% 169.538 n/a 41.76 0.70 0.61 0.87
Apco Oil and Gas International Inc 22.41% 2,274.336 56.93 n/a 18.64 n/a 9.06
Target
  Tel Offshore Trust 100.00% 4.989 n/a n/a n/a n/a 243.61
Marine Petroleum Trust 57.00% 50.300 15.78 n/a 14.61 n/a 38.48

- Defined by the Company - Defined by Others

Key Customers

  Name Dir Rel. Revenue % Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  Lan Airlines SA n/a 8,842.432 46.11 18.73 1.55 1.34 6.12
UGI Corporation n/a 3,029.899 14.67 12.41 0.50 0.39 14.44
Alon USA Energy, Inc. n/a 589.063 21.73 11.94 0.09 0.08 1.41
TPC Group Inc n/a 551.371 10.24 13.92 0.21 0.21 1.83
Susser Holdings Corporation n/a 430.929 10.54 17.09 0.09 0.08 n/a
The Pantry, Inc. n/a 275.891 14.52 15.54 0.03 0.04 n/a
Alfa SAB de CV n/a n/a n/a n/a n/a n/a n/a
Tokyo Denryoku KK n/a n/a n/a n/a n/a n/a n/a
LANXESS AG n/a n/a n/a n/a n/a n/a n/a
Buyer
  Caterpillar Inc n/a 72,197.909 14.65 11.86 1.20 1.04 50.31
Nissan Jidosha KK n/a 43,760.531 0.24 10.51 0.01 n/a 0.02
Target
  Lan Airlines SA n/a 8,842.432 46.11 18.73 1.55 1.34 6.12
HollyFrontier Corp n/a 7,058.050 4.23 8.56 0.56 0.39 2.69
National Fuel Gas Co. n/a 3,960.943 15.18 19.02 2.25 2.17 2.07
UGI Corporation n/a 3,029.899 14.67 12.41 0.50 0.39 14.44
Hawaiian Electric Industries, Inc. n/a 2,491.765 17.96 15.23 0.77 0.82 1.72
Cleco Corp n/a 2,392.825 12.90 16.19 2.11 2.26 1.88
Atlas Pipeline Partners, L.P. n/a 1,917.171 3.70 21.13 1.28 1.18 1.61
Eagle Rock Energy Partners, L.P. n/a 1,327.222 153.75 18.13 1.34 0.99 1.42
Macquarie Infrastructure Company LLC n/a 1,322.392 68.21 8.91 1.38 1.36 n/a
Holly Energy Partners, L.P. n/a 1,245.890 22.84 19.16 6.40 4.87 n/a
Alon USA Energy, Inc. n/a 589.063 21.73 11.94 0.09 0.08 1.41
TPC Group Inc n/a 551.371 10.24 13.92 0.21 0.21 1.83
Susser Holdings Corporation n/a 430.929 10.54 17.09 0.09 0.08 n/a
The Pantry, Inc. n/a 275.891 14.52 15.54 0.03 0.04 n/a

- Defined by the Company - Defined by Others

Key Partners

  Name Dir Rel. Revenue % Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  Royal Dutch Shell PLC n/a 227,491.246 4.68 n/a 0.48 n/a 1.38
BHP Billiton Limited (ADR) n/a 205,223.546 5.78 12.66 2.73 2.82 3.29
BHP Billiton plc (ADR) n/a 172,164.189 4.85 8.34 2.29 n/a 2.76
BP PLC n/a 146,335.432 2.12 7.04 0.31 0.43 1.87
ConocoPhillips n/a 99,201.056 8.35 8.65 0.39 0.46 n/a
Eni S.p.A. (ADR) n/a 90,380.903 9.52 8.03 0.68 n/a 2.15
Statoil ASA n/a 86,412.334 1.32 9.55 0.16 n/a 0.46
Suncor Energy Inc n/a 53,200.997 9.09 10.44 0.89 1.16 1.50
Repsol YPF, S.A. (ADR) n/a 33,439.438 5.99 9.26 0.52 0.36 1.84
Sasol Ltd n/a 33,128.222 2.49 8.61 0.39 1.17 0.31
Hess Corp. n/a 21,011.530 12.43 9.72 0.55 0.59 1.13
Murphy Oil Corporation n/a 11,699.796 10.31 10.26 0.33 0.43 1.32
Lan Airlines SA n/a 8,842.432 46.11 18.73 1.55 1.34 6.12
Dresser-Rand Group Inc. n/a 4,143.832 40.81 17.93 1.96 1.45 n/a
UGI Corporation n/a 3,029.899 14.67 12.41 0.50 0.39 14.44
BP Prudhoe Bay Royalty Trust n/a 2,515.784 12.43 n/a 12.36 n/a 3,630.28
Alon USA Energy, Inc. n/a 589.063 21.73 11.94 0.09 0.08 1.41
TPC Group Inc n/a 551.371 10.24 13.92 0.21 0.21 1.83
Susser Holdings Corporation n/a 430.929 10.54 17.09 0.09 0.08 n/a
The Pantry, Inc. n/a 275.891 14.52 15.54 0.03 0.04 n/a
Petroleo Brasileiro SA (ADR) n/a n/a n/a n/a n/a n/a n/a
Buyer
  Royal Dutch Shell PLC n/a 227,491.246 4.68 n/a 0.48 n/a 1.38
Chevron Corporation n/a 210,874.050 7.90 8.32 0.83 0.76 1.74
Target
  Exxon Mobil Corporation n/a 407,445.237 10.14 10.28 0.84 0.87 n/a
Royal Dutch Shell PLC n/a 227,491.246 4.68 n/a 0.48 n/a 1.38

- Defined by the Company - Defined by Others

Financials

  Buyer Target Combined Entity
Income Statement
Operating Items
Revenue 472,729.0 244,371.0 717,100.0
Other Revenue 13,700.0 9,335.0 23,035.0
Total Revenue 486,429.0 253,706.0 740,135.0
Cost of Revenue 358,855.0 165,551.0 524,406.0
SG&A Expense 40,983.0 3,415.0 44,398.0
Depreciation & Amortization 11,508.0 12,911.0 24,419.0
Research & Development 1,654.0 1,216.0 2,870.0
Interest Expense 74.0 n/a 74.0
Other Operating Expense n/a 22,979.0 22,979.0
Total Expenses 308,604.0 206,072.0 514,676.0
Operating Income 177,825.0 47,634.0 225,459.0
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng n/a n/a n/a
Other, Net n/a n/a n/a
Income Before Taxes 73,257.0 47,634.0 120,891.0
Income Taxes 31,051.0 20,626.0 51,677.0
Income After Taxes 32,482.0 27,008.0 59,490.0
Minority Interest (IS) -1,146.0 -113.0 -1,259.0
Net Income - Excl. Xord. Items 31,336.0 26,895.0 58,231.0
Net Income - Incl. Xord. Items 31,336.0 26,895.0 58,231.0
Income Avail. to Common 31,336.0 26,895.0 58,231.0
Share Items
Basic Avg. Shares Outstanding 4,771.6 1,972.8 6,744.4
Basic EPS - Excl. Xord. Items 8.43 13.53 8.63
Basic EPS - Incl. Xord. Items 8.43 13.53 8.63
Full Dilution Adjustment n/a n/a n/a
Fully Diluted Shares Outstanding 4,771.6 1,987.1 6,758.7
F.D. EPS - Excl. Xord. Items 8.42 13.44 8.62
F.D. EPS - Incl. Xord. Items 8.42 13.44 8.62
Dividends Per Common Share 1.85 3.09 4.94
Balance Sheet
Assets
Cash and Equivalents 11,022.0 15,864.0 26,886.0
ST Investments 1,754.0 4,207.0 5,961.0
Accounts Receivable 34,368.0 20,878.0 55,246.0
Inventory 16,730.0 6,072.0 22,802.0
Prepayments and Advances n/a 5,740.0 5,740.0
Other Current Assets 7,256.0 n/a 7,256.0
Current Assets 69,376.0 53,025.0 122,401.0
PPE n/a 226,536.0 226,536.0
Accum D&A n/a -108,159.0 -108,159.0
PPE, Net 209,194.0 118,377.0 327,571.0
Goodwill & Intangibles n/a 4,654.0 4,654.0
Long Term Investments 35,342.0 22,410.0 57,752.0
Note Receivable n/a 2,125.0 2,125.0
Other Assets n/a n/a n/a
Other LT Assets 9,315.0 3,508.0 12,823.0
Total Assets 323,227.0 209,474.0 532,701.0
Liabilities
Accounts Payable n/a 20,746.0 20,746.0
Payable/Accrued 54,572.0 n/a 54,572.0
Accrued Expenses n/a 5,366.0 5,366.0
ST Debt 7,431.0 245.0 7,676.0
Other (Current) Liabilities 12,968.0 5,981.0 18,949.0
Current Liab. 74,971.0 32,338.0 107,309.0
LT Debt 9,331.0 10,152.0 19,483.0
Capitalized Lease Obligations n/a 114.0 114.0
Total LT Debt 9,331.0 9,498.0 18,829.0
Minority Interest (BS) 6,273.0 785.0 7,058.0
Deferred Taxes 36,891.0 16,126.0 53,017.0
Other LT Liab. 39,822.0 24,461.0 64,283.0
Total Liabilities 167,288.0 83,208.0 250,496.0
Shareholders Equity
Common Stock 9,506.0 1,832.0 11,338.0
Additional Paid in Capital n/a 15,110.0 15,110.0
Retained Earnings 323,786.0 136,873.0 460,659.0
Treasure Stock -172,025.0 -28,559.0 -200,584.0
Other Equity -5,328.0 -4,365.0 -9,693.0
Total Equity 155,939.0 121,382.0 277,321.0
Total Liab. & Equity 323,227.0 204,590.0 527,817.0
Shares Outstanding 4,793.2 1,991.5 6,784.7
Cash Flow
Operating Cash Flow
CF Net Income 32,482.0 21,856.0 54,338.0
CF Depreciation 11,508.0 9,598.0 21,106.0
CF Deferred Taxes n/a 1,210.0 1,210.0
Other Non-Cash Items 0.0 -1,077.0 -1,077.0
Change in Working Capital 604.0 439.0 1,043.0
Total Cash From Operating Activities 44,594.0 32,026.0 76,620.0
Investing Cash Flow (not calculated)
Capital Expenditures -22,341.0 -19,193.0 -41,534.0
Other Investing Cash Flows 2,188.0 -3,288.0 -1,100.0
Total Cash From Investing Activities -20,153.0 -22,481.0 -42,634.0
Financing Cash Flow (not calculated)
Dividends Paid -6,773.0 -4,541.0 -11,314.0
Purchase Or Sale of Stock -16,017.0 -2,046.0 -18,063.0
Purchase and Retirement of Debt 1,635.0 -2,750.0 -1,115.0
Other Financing Cash Flow -56.0 -56.0 -112.0
Total Cash From Financing Activities -21,211.0 -9,393.0 -30,604.0
Exchange Rate Effects -33.0 17.0 -16.0
Net Change in Cash 3,197.0 169.0 3,366.0
Cash Taxes Paid 20,349.0 12,982.0 33,331.0
Cash Interest Paid 390.0 46.0 436.0