Based on strip prices of $54.62/b Brent, $50.13/b WTI and $2.80/mcf gas in 2015
and $55.79/b Brent, $50.52/b WTI and $2.95/mcf gas in 2016, we expect operating
cash flow of $34B and $33.9B, respectively. This will partially fund CAPEX of $31.9B
and $32.6B and dividends of $12B and $12.6B, for a cash flow shortfall of $9.9B and
$11.3B, respectively, to be funded with debt and divestiture proceeds. XOM's 3.8B
treasury shares are worth $278B, or 72% more than Shell's market value, and almost
double CVX's. If government regulators allow it, XOM can acquire any of its rivals at
a 40% premium and create value through 20% CAPEX cuts and 40% cost reduction,
while sharply reducing its net debt ratio.