So I was quite surprised when I read the following lede at SeekingAlpha.com:
From September 14 to September 19, 2012, crude oil prices dropped about 8% from approximately $100 per barrel to $92 per barrel. Many major international oil producers (explorers and refiners) including Exxon Mobil (XOM) and Chevron (CVX) saw their stock prices decline when stock investors decided to sell due to their worries over the diminishing short-term profit margin outlook for oil producers.Oh, really? Here is the reality according to Yahoo!Finance: Share prices of CVX dropped negligibly between September 14, 2012, and September 19, 2012, and actually increased between September 14, 2012, and September 24, 2012. What about XOM? dropped slightly through September 19, 2012, and pretty much level through September 24, 2012.
Again, I am really, really impressed with share price of XOM and CVX despite volatility of the price of oil this past week.
By the way, Motley Fool had a nice article on CVX earlier this month. Some trivia I did not know about CVX:
- Chevron is the world's biggest producer of geothermal energy, which is obtained from the heat of the earth.
- The company is one of the major installers of solar systems in education institutions. Its solar success stories include systems now operating in the South San Francisco Unified School District, the Contra Costa Community College District in San Francisco's East Bay, and the Los Angeles County Metropolitan Transportation Authority.
Disclaimer: this is not an investment site. I invest in many oil companies, and have done so for 30 years. Other than automatic dividend reinvestments, I have no plans to buy or trade shares in any oil company in the next month or so.