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Friday, March 29, 2024

Oil valuations: gushing cash flows are not being reinvested

The US-Saudi scuffle has boosted oil prices. Oil is hovering around $95 a barrel, not far off where it was a decade ago. European oil stocks, however, are pricing in a whole different world. Back then, the Euro Stoxx oil and gas index traded at 10 times forward earnings. It is now at five times — …

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