Petrobras is a vertically integrated oil company, participating in exploration, production, refining and retailing of crude oil and gas.
The third biggest U.S. integrated oil company will separate its upstream oil-and-gas exploration and production division from its downstream refining division.
FORBES: ConocoPhillips To Split; Expect Upstream Consolidation To Follow
Despite the fact that the Brazilian government still owns a chunk of this huge integrated oil company, Petrobras is very well run.
Special Offer: Although oil prices have dropped from their highs, this refiner and this integrated oil company (not Exxon Mobil) are trading at dirt cheap valuations.
Rosneft is buying TNK- BP, which is a vertically integrated oil company co-owned by British oil firm BP and a group of Russian billionaires known as AAR.
Just about every major oil services company and at least one major integrated oil company have been swept up in an ongoing U.S. government investigation Swiss freight-forwarding company Panalpina World Transport Holding.
In Watt's Latin America Equity fund, for example, you are getting shares of YPF, an integrated oil company in Argentina that trades at 6.5 times estimated cash flow (in the sense of expected 1998 earnings plus depreciation).
The management at ConocoPhillips has figured out exactly what its rivals at Marathon Oil concluded and acted upon only a couple weeks earlier: that by dividing the exploration and production business from the refining and marketing business, the sum of the two different operations (which attract different kinds of investors) are worth more than one integrated oil company.
FORBES: Today's Equity Dilemma: Micro Versus Macro Investing
In Watt's Latin America Equity fund, for example, you are getting shares of YPF, an integrated oil company in Argentina that trades at 6.5 times estimated cash flow (expected 1998 earnings plus depreciation). (The comparable ratio for Exxon is about twice that.) Buy the fund and you are buying YPF even cheaper, since the fund trades on the New York Stock Exchange at a 29% discount to net asset value.
The second largest integrated oil and gas company, behind Exxon Mobil ( XOM), has a current dividend yield of 5%.
Exxon-Mobil ( XOM), the largest integrated oil and gas company reported 3rd quarter earnings 7% lower than a year earlier.
FORBES: Shell's 5% Dividend Yield (Part 2): Will Huge Capital Spending Pay Off?
China Integrated Energy, Inc. (CBEH) : A non-state-owned company, China Integrated has three main businesses: the wholesale distribution of finished oil and heavy oil products, the production and sale of biodiesel, and the operation of retail gas stations.
Hess Corporation, is a global integrated energy company engaged in the exploration for and the production, purchase, transportation and sale of crude oil and natural gas, as well as the production and sale of refined petroleum products, electricity.
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