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Matt Levine

Aramco Now Comes With Some Numbers

Also earnings and volatility, late nights at the office, bad disclosure and orcas.


Exxon Mobil Corp. made $19.7 billion of net income in 2017 and its stock is worth about $330 billion, giving it a price-earnings ratio of about 16.6. Other big oil companies have different price-earnings ratios, depending on their growth prospects and business mixes and financial position and management skill and whatever else oil-company valuations depend on. But if you know how much money an oil company makes, you can generally get a decent sense of how much it is worth.