State of Treading Water, page-121

Probably better to look at a longer time frame. Since both bottomed out in early 2020 STO is up about 130% and WDS about 120%. However WDS has been paying spectacular super dividends recently while STO has been focused on share buybacks. The first is a sugar hit while the latter should build long term SH wealth.

Also I like the way STO is reducing combined costs following the merger with OSH. Can't recall the exact amount but it's in many multiples of $100m pa. I reckon the merger is a real boon for STO, getting some great assets in PNG at great prices although politics there adds another layer of risk albeit low. I'm happy to hold both STO and WDS. CVN is my super risk O&G asset. I subscribe to Morningstar which has values of around $11 for STO and $40 for WDS. Not sure whether they'll get there with all the risk over O&G industry. I believe in the theory the demand for O&G will be with us for some time and exploration is in LT decline. Add to that OPEC+ probably at maximum output and the Ukrainian war stuffing Russia's ability to flog their stuff LT and you have a perfect storm. Unfortunate but a believable scenario IMO.