This Giant Oil Stock Is My Top Dividend Pick for 2024
You'd better sit down for this, Fools, because I may be about to eat my own words -- and maybe a helping of crow to boot. (Let's hope that seven years have improved the taste).
Seven years ago, I put an article in this space explaining the simple reason I won't buy ExxonMobil stock. Granted, I never actually used the word "never" in the article -- but that was the clear implication. After running the numbers and comparing Exxon's reported net income to the actual free cash flow it was generating from its oil business, I had concluded:
"It costs a lot of money to build the infrastructure needed to take oil out of the ground [but] the cash profit they earn [from these investments simply] isn't nearly as rich as is represented on their income statements."
Source Fool.com
