Shell PLC

SHEL: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 5,884.00	Rdmcj	Mzdfzqg

Fully Valued, but Strong Balance Sheets, Capital Discipline Position Exxon and Chevron for Any Cycle

Allen Good

Oct 31, 2022

Although the third quarter brought record earnings for Exxon and nearly a record for Chevron, including both exceeding market expectations, we do not plan any material increases to our fair value estimates. As a result, both trade at a premium of 9% and 21%, respectively.

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