Winners and LosersThe article doesn’t list the cash flow picture for the entire Top 20, nor did it explain how it calculated cash flow. The story indicated that overall, companies spent $1.13 for every $1 they took in. The article noted that many producers hedged oil prices at $50 to $55 a barrel, and were therefore unable to cash in on the rally in oil prices. Of course, that makes you wonder why a company would hedge at a price that they should have known would result in negative cash flow. Presumably, the WSJ story didn’t include ConocoPhillips in its analysis, as it led all oil companies (considering just the pure oil and gas producers) with cash flow of $864 million for the quarter.

Source: Forbes May 27, 2018 21:00 UTC