As the oil supermajors surpassed estimates with strong Q4 and 2018 earnings, Shell beat Exxon—for a second year running—to affirm itself as Big Oil’s biggest cash flow generator. Shell, which took Exxon’s cash crown with its 2017 earnings, continues to generate more cash flow than the U.S. supermajor, and analysts expect the Anglo-Dutch group to keep its lead in 2019, 2020, and 2021 as well. Exxon, however, has started to catch up as it invests in growing its production in new oil and gas production. Unlike Shell—and all of the Big Oil pack—Exxon has been growing capital expenditures over the past two years as it looks to seize favorable opportunities to boost production, profits, and cash flows. While Shell and the rest of Big Oil continue to vow strict capital discipline amid fluctuating oil prices, Exxon raised its 2018 capital expenditures (capex) from the previous year and will further […]