On Monday, Exxon was removed from the Dow Jones Industrial Average, leaving Chevron as the sole energy company in the index.
Behind the ousting was years of poor performance relative to Chevron, Goldman Sachs analysts said in a note last week. The bank has long been bearish on the Texas-based oil giant, citing low cash flow and weak margins in its downstream business. Here are 10 companies the analysts say offer investors more value, across each segment of the industry. The bank's top upstream picks Hess, Pioneer Natural Resources, Canadian Natural, and ConocoPhillipsTheir view on Hess relies on the company's growth potential in Guyana, where Exxon also has a presence.
"We believe the relative strength of CVX's balance sheet is its key differentiating value proposition versus XOM for US investors that often have to decide between the two stocks," they wrote. Marathon PetroleumIn the segment of the industry focused on turning crude oil and gas into fuels and chemicals, the bank's top picks areAfter plummeting in the wake of the coronavirus pandemic, which collapsed demand for fuel, refining margins are on track to recover, the analysts said.
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