Although EI Finance's analysis of stock price returns pointed to mid-sized integrated firms Occidental Petroleum and Murphy Oil as investors' best bet over the past 11.5 years, this excluded the impact of dividends and share buybacks (EIF Oct.7,p2). When these elements are factored in, the majors, led by Exxon Mobil at $3.54 per share, provided the highest returns to shareholders, signaling why the US supermajor has been a long-term investor favorite.
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