Since the beginning of the month, Exxon has outperformed its peers by over 6%, leaving the company trading at a significant premium to the group. As such, we are downgrading Exxon to neutral, as the stock's valuation is not as compelling.

290

We do not think Murphy is out of the woods yet operationally and still recommend avoiding the stock.

242

Although Exxon Mobil had a strong quarter operationally, results were severely impacted by a higher tax rate -- an issue we suspect will not reverse going forward.

149

The Unocal deal gives Chevron the near- to medium-term production growth it was lacking, as well as the potential for future growth from its Asian assets.

110

We recommend investors avoid the more oily names with no near-term supporting catalysts or valuation support, such as Murphy Oil.

100