Majors’ valuation gap presents cash flow conundrums

摘要

First-quarter results showed that the US and European majors’ strategies can broadly maintain the shareholder returns they delivered last year, fuelled by higher oil and gas prices. But while Shell, BP and TotalEnergies may have to boost those returns to close a historically wide valuation gap with their US peers, ExxonMobil and Chevron face the question of what to do with their growing cash piles.