Without a shadow of a doubt, Exxon has the best management in the oil industry. They've been riding the momentum of higher prices for some time now, and they've got a pipeline of new opportunities that promises volume growth.
The second half of last year we started to see another list of projects in place. It is in a lucrative position with one of the strongest production profiles in the sector with very attractive margins as well.
The dynamic shifted this year. There was a growing perception that supply was running out. The doomsday scenario that stated OPEC couldn't meet demand and the Saudis wouldn't be able to increase output gained traction.
Exxon produces the equivalent of a small country every year so replacing that with new reserves is a tough task. But they've got a pipeline of opportunities coming online that promises to be a meaningful driver of growth.