<p>在过去三个月中，西德克萨斯中质原油价格飙升了约 15%，随后又回落至大约 4% 的涨幅。价格波动的原因包括供需关系和地缘政治因素，但事实是，这种波动在能源行业并不罕见。</p>
<p>这就是为什么这可能使 <strong>埃克森美孚</strong>(XOM -0.25%) 成为更适合你的石油股票，或者使 <strong>戴文能源</strong>(DVN -1.17%) 成为你可能想选择的石油股票的原因。</p>
<h2>基本情况：埃克森美孚与戴文能源</h2>
<p>戴文能源是一家上游公司，这意味着它生产石油和天然气。它还在地理上专注于其业务，仅在美国市场进行能源钻探。由于石油和天然气价格是其财务结果的主要驱动因素，因此该股票可能高度波动。它没有其他部门来帮助抵消钻探操作的起伏。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDg3NDYvMjNfMDJfMDYtYS1wZXJzb24tbGVhbmluZy1vdmVyLWVuZXJneS1pbmZyYXN0cnVjdHVyZS1fbWYtZGxvYWQuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDg3NDYvMjNfMDJfMDYtYS1wZXJzb24tbGVhbmluZy1vdmVyLWVuZXJneS1pbmZyYXN0cnVjdHVyZS1fbWYtZGxvYWQuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<p>埃克森美孚也在上游运营。石油和天然气价格也会对其财务表现产生重大影响。然而，埃克森还在中游和下游领域运营。</p>
<p>中游包括能源运输资产，如管道。这一重要的能源基础设施在整个能源周期中往往能产生可靠的现金流。下游则由化工和炼油业务组成。这些业务可能与上游一样波动，但通常是反周期的，因为石油和天然气是这些操作的关键投入。</p>
<p>虽然埃克森的业绩会随着能源价格的变化而波动，但其波动的幅度往往不如像戴文能源这样的纯粹生产者那么极端。这就是埃克森在整个能源行业多元化所带来的好处。</p>
<h2>哪个是更好的石油股票？</h2>
<p>事实上，埃克森和戴文之间没有什么根本性的错误。但它们并不适合同一类投资者。显然，埃克森对保守型投资者更具吸引力。这是其多元化商业模式的结果，但不仅仅是这一点。</p>
<p>首先，埃克森的股息已经连续 42 年增加。即使你不是以股息为重点的投资者，这也说明了该业务的韧性。如果你是股息爱好者，这表明你可以购买埃克森，并在未来几年舒适地收取季度支票。与此同时，股息收益率为 3.5%。这远高于市场的 1.2% 收益率，但从历史上看，对埃克森来说并不是一个巨大的收益率。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/efafab2449c5236a43b6e7e7bc696242.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/efafab2449c5236a43b6e7e7bc696242.png"/></p>
<p>XOM 数据来源于 YCharts</p>
<p>如果你现在想在收入投资组合中增加能源敞口，购买埃克森可能仍然值得。这尤其是因为其资产负债表在综合能源同行中是最强的之一。基本上，它准备好应对未来到来的下一个能源低迷。然而，如果你偏好价值或更高的收益率，你可能想等到那次低迷。历史上，在埃克森的业务挣扎时购买是最好的时机。</p>
<p>戴文能源可能不会吸引保守投资者，其 3.3% 的收益率低于埃克森的收益率，因此也可能不会吸引收入投资者。那么，谁会更喜欢戴文而不是埃克森呢？对能源价格有强烈看法的投资者。这涉及到市场时机，这在长期内是非常难以成功做到的。</p>
<p>然而，戴文是一家备受尊敬的公司，具有较低的盈亏平衡点，并拥有大量未来钻探的土地库存。因此，这绝不是一种轻率的投资。事实上，戴文能源多年来一直在持续支付股息。如果没有良好的管理，这是不可能做到的。</p>
<p>尽管如此，近年来戴文支付的股息是根据其财务结果而变化的。新冠疫情后能源价格飙升推动了额外的股息。这些额外的股息由于能源价格的正常化和戴文的收购驱动增长努力而减少（它正在偿还债务而不是支付股息，这是一个良好的资本配置决策）。</p>
<p>尽管财务结果和股价总是会波动，但戴文能源仍在不断发展其业务，尽管它在埃克森这样的巨头阴影下运营。虽然只有更激进的投资者会考虑戴文，但总体而言，它是一家相当管理良好的能源公司。</p>
<h2>埃克森还是戴文？这要看情况。</h2>
<p>在投资方面几乎没有简单的答案，选择埃克森和戴文也不例外。当然，深度的能源低迷将导致这些能源股票的价格更具吸引力，因此现在弄清楚你最喜欢哪个，可能会让你在其他人抛售时做好购买准备。</p>
<p>也就是说，埃克森最适合寻求广泛能源行业敞口的保守投资者，而戴文则更适合对能源价格持建设性看法的激进投资者。</p>

戴文能源

埃克森美孚

<p>这篇文章比较了戴文能源和埃克森美孚作为石油行业投资选项。戴文是一家专注于美国石油和天然气生产的上游公司，其波动性较大，对保守型投资者的吸引力较低，提供 3.3% 的股息收益率。相比之下，埃克森美孚在上游、中游和下游领域均有业务，提供更大的稳定性和 3.5% 的股息收益率，更能吸引保守型投资者。两者之间的选择取决于投资者的风险承受能力和对能源价格的预期，戴文适合那些对市场时机有信心的投资者，而埃克森则适合寻求稳定的投资者</p>

<p>Over the past three months, West Texas Intermediate crude prices have spiked around 15% only to turn around and come back down to a roughly 4% gain. There are supply-and-demand and geopolitical reasons for the price move, but the truth is that this type of volatility isn't uncommon in the energy sector.</p>
<div class="lb-trans"><p>在过去三个月中，西德克萨斯中质原油价格飙升了约 15%，随后又回落至大约 4% 的涨幅。价格波动的原因包括供需关系和地缘政治因素，但事实是，这种波动在能源行业并不罕见。</p>
</div><p>Here's why that could make <strong>ExxonMobil</strong>(XOM -0.25%) the better oil stock for you, or it could make <strong>Devon Energy</strong>(DVN -1.17%) the oil stock you might want to pick. Here's why.</p>
<div class="lb-trans"><p>这就是为什么这可能使 <strong>埃克森美孚</strong>(XOM -0.25%) 成为更适合你的石油股票，或者使 <strong>戴文能源</strong>(DVN -1.17%) 成为你可能想选择的石油股票的原因。</p>
</div><h2>The basics: Exxon vs. Devon</h2>
<div class="lb-trans"><h2>基本情况：埃克森美孚与戴文能源</h2>
</div><p>Devon Energy is what is known as an upstream company, which means it produces oil and natural gas. It also focuses its business geographically, by only drilling for energy in the U.S. market. The stock can be highly volatile given that oil and gas prices are the main driver of its financial results on the top and bottom lines. There are simply no other divisions to help offset the ups and downs of its drilling operations.</p>
<div class="lb-trans"><p>戴文能源是一家上游公司，这意味着它生产石油和天然气。它还在地理上专注于其业务，仅在美国市场进行能源钻探。由于石油和天然气价格是其财务结果的主要驱动因素，因此该股票可能高度波动。它没有其他部门来帮助抵消钻探操作的起伏。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDg3NDYvMjNfMDJfMDYtYS1wZXJzb24tbGVhbmluZy1vdmVyLWVuZXJneS1pbmZyYXN0cnVjdHVyZS1fbWYtZGxvYWQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F808746%2F23_02_06-a-person-leaning-over-energy-infrastructure-_mf-dload.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>ExxonMobil operates in the upstream, too. And oil and natural gas prices will have a material impact on its financial performance as well. However, Exxon also operates in the midstream and the downstream areas.</p>
<div class="lb-trans"><p>埃克森美孚也在上游运营。石油和天然气价格也会对其财务表现产生重大影响。然而，埃克森还在中游和下游领域运营。</p>
</div><p>The midstream is comprised of energy transportation assets like pipelines. This vital energy infrastructure tends to produce reliable cash flows through the energy cycle. The downstream is made up of chemical and refining operations. These businesses can be just as volatile as the upstream, but often in a counter cyclical way since oil and natural gas are key inputs to these operations.</p>
<div class="lb-trans"><p>中游包括能源运输资产，如管道。这一重要的能源基础设施在整个能源周期中往往能产生可靠的现金流。下游则由化工和炼油业务组成。这些业务可能与上游一样波动，但通常是反周期的，因为石油和天然气是这些操作的关键投入。</p>
</div><p>While Exxon's results will vary along with energy prices, the peaks and valleys tend to be less extreme than they would be for a pure-play producer like Devon Energy. That's the benefit provided by Exxon's diversification across the entire energy sector.</p>
<div class="lb-trans"><p>虽然埃克森的业绩会随着能源价格的变化而波动，但其波动的幅度往往不如像戴文能源这样的纯粹生产者那么极端。这就是埃克森在整个能源行业多元化所带来的好处。</p>
</div><h2>Which is the better oil stock?</h2>
<div class="lb-trans"><h2>哪个是更好的石油股票？</h2>
</div><p>The truth is that there is nothing inherently wrong with either Exxon or Devon. But they aren't going to be appropriate for the same kinds of investors. Exxon, perhaps obviously, will be more appealing to conservative types. That's a function of its diversified business model but there's more to like than just that.</p>
<div class="lb-trans"><p>事实上，埃克森和戴文之间没有什么根本性的错误。但它们并不适合同一类投资者。显然，埃克森对保守型投资者更具吸引力。这是其多元化商业模式的结果，但不仅仅是这一点。</p>
</div><p>For starters, Exxon's dividend has been increased annually for an impressive 42 years and counting. Even if you aren't a dividend-focused investor, that speaks to the resilience of the business. And if you are a dividend lover, it suggests that you can buy Exxon and comfortably collect your quarterly checks for years to come. The dividend yield, meanwhile, is 3.5%. That's well above the market's 1.2% yield, but not exactly a huge yield for Exxon historically speaking.</p>
<div class="lb-trans"><p>首先，埃克森的股息已经连续 42 年增加。即使你不是以股息为重点的投资者，这也说明了该业务的韧性。如果你是股息爱好者，这表明你可以购买埃克森，并在未来几年舒适地收取季度支票。与此同时，股息收益率为 3.5%。这远高于市场的 1.2% 收益率，但从历史上看，对埃克森来说并不是一个巨大的收益率。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/efafab2449c5236a43b6e7e7bc696242.png" alt="" original-src="https://media.ycharts.com/charts/efafab2449c5236a43b6e7e7bc696242.png"/></p>
<p>XOM data by YCharts</p>
<div class="lb-trans"><p>XOM 数据来源于 YCharts</p>
</div><p>If you are looking to add energy exposure to your income portfolio right now, it is probably still worth buying. That's particularly true given that its balance sheet is among the strongest in the integrated energy peer group. Basically, it is prepared to deal with the next energy downturn when it eventually arrives. If you have a value bias or prefer higher yields, however, you might want to wait for that downturn. It will be hard to buy while Exxon's business is struggling, but that is, historically speaking, the best time to jump aboard.</p>
<div class="lb-trans"><p>如果你现在想在收入投资组合中增加能源敞口，购买埃克森可能仍然值得。这尤其是因为其资产负债表在综合能源同行中是最强的之一。基本上，它准备好应对未来到来的下一个能源低迷。然而，如果你偏好价值或更高的收益率，你可能想等到那次低迷。历史上，在埃克森的业务挣扎时购买是最好的时机。</p>
</div><p>Devon Energy isn't likely to appeal to conservative investors and its 3.3% yield is lower than Exxon's yield so it probably won't attract income investors, either. So who would prefer Devon over Exxon? Investors who have a strong feeling about energy prices. That ventures into market timing, which is a very difficult thing to do successfully over the long term.</p>
<div class="lb-trans"><p>戴文能源可能不会吸引保守投资者，其 3.3% 的收益率低于埃克森的收益率，因此也可能不会吸引收入投资者。那么，谁会更喜欢戴文而不是埃克森呢？对能源价格有强烈看法的投资者。这涉及到市场时机，这在长期内是非常难以成功做到的。</p>
</div><p>However, Devon is a well-respected company, has a low breakeven point, and has a large inventory of land on which to drill in the future. So this is hardly a throw-caution-to-the-wind type of investment. In fact, Devon Energy has consistently paid dividends for many years. It couldn't have done that without being a well-run company.</p>
<div class="lb-trans"><p>然而，戴文是一家备受尊敬的公司，具有较低的盈亏平衡点，并拥有大量未来钻探的土地库存。因此，这绝不是一种轻率的投资。事实上，戴文能源多年来一直在持续支付股息。如果没有良好的管理，这是不可能做到的。</p>
</div><p>That said, in recent years Devon has paid a variable dividend driven by its financial results. Spiking energy prices following the coronavirus pandemic period fueled those extra dividends. Those extra dividends have dried up thanks to normalizing energy prices and Devon's acquisition-driven growth efforts (it is paying down debt instead of paying dividends, which is a good capital allocation decision).</p>
<div class="lb-trans"><p>尽管如此，近年来戴文支付的股息是根据其财务结果而变化的。新冠疫情后能源价格飙升推动了额外的股息。这些额外的股息由于能源价格的正常化和戴文的收购驱动增长努力而减少（它正在偿还债务而不是支付股息，这是一个良好的资本配置决策）。</p>
</div><p>While the financial results and the stock price are always going to be volatile, Devon Energy is still growing its business despite operating in the shadows of giants like Exxon. While only more aggressive investors will want to look at Devon, it is overall a fairly well-run energy company.</p>
<div class="lb-trans"><p>尽管财务结果和股价总是会波动，但戴文能源仍在不断发展其业务，尽管它在埃克森这样的巨头阴影下运营。虽然只有更激进的投资者会考虑戴文，但总体而言，它是一家相当管理良好的能源公司。</p>
</div><h2>Exxon or Devon? It depends.</h2>
<div class="lb-trans"><h2>埃克森还是戴文？这要看情况。</h2>
</div><p>There are very few easy answers when it comes to investing, and the choice between Exxon and Devon is no different. A deep energy downturn would lead to more attractive prices for each of these energy stocks, of course, so figuring out which one you like most now may let you prepare to buy when everyone else is selling.</p>
<div class="lb-trans"><p>在投资方面几乎没有简单的答案，选择埃克森和戴文也不例外。当然，深度的能源低迷将导致这些能源股票的价格更具吸引力，因此现在弄清楚你最喜欢哪个，可能会让你在其他人抛售时做好购买准备。</p>
</div><p>That said, Exxon will be most appropriate for conservative investors looking for broad energy industry exposure while Devon is a better fit for aggressive investors who have a constructive view of energy prices.</p>
<div class="lb-trans"><p>也就是说，埃克森最适合寻求广泛能源行业敞口的保守投资者，而戴文则更适合对能源价格持建设性看法的激进投资者。</p>
</div>

Better Oil Stock: Devon Energy vs. ExxonMobil

- 西德克萨斯中质原油价格在三个月内波动约 15% 后回落至 4% 的涨幅。  
- 埃克森美孚和德文能源各有优势，适合不同类型的投资者。  
- 埃克森适合保守型投资者，而德文则吸引对能源价格有信心的激进投资者。

更好的石油股票：戴文能源 vs. 埃克森美孚