Not too sure about the comment " Exxon did not become the biggest oil company in the world by being financially incompetent . "
While they are very large... it's not clear that they are objectively good at capital management.
Exxon has been criticized over the years for capital misallocation. They bought XTO energy in 2010 for $30B USD and by 2020 had written off $20B. They were late to shale, overpaid and then prices dropped.
They invested heavily into carbon capture and storage which is not economically viable for them.
They invested in Rosneft before the sanctions.
Many billions of capital torched.
The sum of their business management and acumen has led them to underperform both their peers and the S&P 500 in the last 3, 5 and 10 year periods.
Hopefully HZN, who has seemingly made reasonable capital decisions, comes out on top in this exchange!
Cheers.
Cuppa
HZN Price at posting:
19.3¢ Sentiment: None Disclosure: Held
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