Engaged in worldwide exploration, production and marketing of crude oil and natural gas; domestic refining, marketing and transportation of crude oil and petroleum products.
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Company is breaking up, will unlock significant value. Has 1.2B BOE in proved reserves, and refining business had revenue of $56B last year. Using conservative multiples yields a much higher price. They are selling assets this quarter for $1.1B, will sell more assets for $2-4B next quarter, and earned $2B last quarter. Note the market cap is only $20B. Yield is currently about 3.5% and balance sheet is strong.