“We view Chevron as relatively attractive amongst mega-caps, whose coming volume and cash flow inflection point is well positioned for a gradual recovery in crude,” Deutsche analysts said.
Additionally, ExxonMobil has taken steps to reduce spending. Previously, Exxon already cut its share buyback program in the first quarter by over half to $1 billion, Reuters reported.
ExxonMobil also announced it would reduce its capital spending budget by 12% to $34 billion this year, reports Angela Chen for the Wall Street Journal.
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Max Chen contributed to this article.