Exxon Mobile superior capital structure and operational performance should deliver excellent returns in the future.
National oil companies need the exploration and operational expertise of an Exxon Mobile and naturally select XOM to do the expertise stuff.
Exxon Mobil has integrated the supply and production chain which creates a unique value proposition. Other comparable oil companies own assets portfolio style. They do not have integration synergies.
George Gutowski writes from a caveat emptor perspective.