<p>在過去三個月中，西德克薩斯中質原油價格飆升了約 15%，隨後又回落至大約 4% 的漲幅。價格波動的原因包括供需關係和地緣政治因素，但事實是，這種波動在能源行業並不罕見。</p>
<p>這就是為什麼這可能使 <strong>埃克森美孚</strong>(XOM -0.25%) 成為更適合你的石油股票，或者使 <strong>戴文能源</strong>(DVN -1.17%) 成為你可能想選擇的石油股票的原因。</p>
<h2>基本情況：埃克森美孚與戴文能源</h2>
<p>戴文能源是一家上游公司，這意味着它生產石油和天然氣。它還在地理上專注於其業務，僅在美國市場進行能源鑽探。由於石油和天然氣價格是其財務結果的主要驅動因素，因此該股票可能高度波動。它沒有其他部門來幫助抵消鑽探操作的起伏。</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>圖片來源：Getty Images。</p>
<p>埃克森美孚也在上游運營。石油和天然氣價格也會對其財務表現產生重大影響。然而，埃克森還在中游和下游領域運營。</p>
<p>中游包括能源運輸資產，如管道。這一重要的能源基礎設施在整個能源週期中往往能產生可靠的現金流。下游則由化工和煉油業務組成。這些業務可能與上游一樣波動，但通常是反週期的，因為石油和天然氣是這些操作的關鍵投入。</p>
<p>雖然埃克森的業績會隨着能源價格的變化而波動，但其波動的幅度往往不如像戴文能源這樣的純粹生產者那麼極端。這就是埃克森在整個能源行業多元化所帶來的好處。</p>
<h2>哪個是更好的石油股票？</h2>
<p>事實上，埃克森和戴文之間沒有什麼根本性的錯誤。但它們並不適合同一類投資者。顯然，埃克森對保守型投資者更具吸引力。這是其多元化商業模式的結果，但不僅僅是這一點。</p>
<p>首先，埃克森的股息已經連續 42 年增加。即使你不是以股息為重點的投資者，這也説明了該業務的韌性。如果你是股息愛好者，這表明你可以購買埃克森，並在未來幾年舒適地收取季度支票。與此同時，股息收益率為 3.5%。這遠高於市場的 1.2% 收益率，但從歷史上看，對埃克森來説並不是一個巨大的收益率。</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 數據來源於 YCharts</p>
<p>如果你現在想在收入投資組合中增加能源敞口，購買埃克森可能仍然值得。這尤其是因為其資產負債表在綜合能源同行中是最強的之一。基本上，它準備好應對未來到來的下一個能源低迷。然而，如果你偏好價值或更高的收益率，你可能想等到那次低迷。歷史上，在埃克森的業務掙扎時購買是最好的時機。</p>
<p>戴文能源可能不會吸引保守投資者，其 3.3% 的收益率低於埃克森的收益率，因此也可能不會吸引收入投資者。那麼，誰會更喜歡戴文而不是埃克森呢？對能源價格有強烈看法的投資者。這涉及到市場時機，這在長期內是非常難以成功做到的。</p>
<p>然而，戴文是一家備受尊敬的公司，具有較低的盈虧平衡點，並擁有大量未來鑽探的土地庫存。因此，這絕不是一種輕率的投資。事實上，戴文能源多年來一直在持續支付股息。如果沒有良好的管理，這是不可能做到的。</p>
<p>儘管如此，近年來戴文支付的股息是根據其財務結果而變化的。新冠疫情後能源價格飆升推動了額外的股息。這些額外的股息由於能源價格的正常化和戴文的收購驅動增長努力而減少（它正在償還債務而不是支付股息，這是一個良好的資本配置決策）。</p>
<p>儘管財務結果和股價總是會波動，但戴文能源仍在不斷發展其業務，儘管它在埃克森這樣的巨頭陰影下運營。雖然只有更激進的投資者會考慮戴文，但總體而言，它是一家相當管理良好的能源公司。</p>
<h2>埃克森還是戴文？這要看情況。</h2>
<p>在投資方面幾乎沒有簡單的答案，選擇埃克森和戴文也不例外。當然，深度的能源低迷將導致這些能源股票的價格更具吸引力，因此現在弄清楚你最喜歡哪個，可能會讓你在其他人拋售時做好購買準備。</p>
<p>也就是説，埃克森最適合尋求廣泛能源行業敞口的保守投資者，而戴文則更適合對能源價格持建設性看法的激進投資者。</p>

戴文能源

埃克森美孚

<p>這篇文章比較了戴文能源和埃克森美孚作為石油行業投資選項。戴文是一家專注於美國石油和天然氣生產的上游公司，其波動性較大，對保守型投資者的吸引力較低，提供 3.3% 的股息收益率。相比之下，埃克森美孚在上游、中游和下游領域均有業務，提供更大的穩定性和 3.5% 的股息收益率，更能吸引保守型投資者。兩者之間的選擇取決於投資者的風險承受能力和對能源價格的預期，戴文適合那些對市場時機有信心的投資者，而埃克森則適合尋求穩定的投資者</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>在過去三個月中，西德克薩斯中質原油價格飆升了約 15%，隨後又回落至大約 4% 的漲幅。價格波動的原因包括供需關係和地緣政治因素，但事實是，這種波動在能源行業並不罕見。</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>這就是為什麼這可能使 <strong>埃克森美孚</strong>(XOM -0.25%) 成為更適合你的石油股票，或者使 <strong>戴文能源</strong>(DVN -1.17%) 成為你可能想選擇的石油股票的原因。</p>
</div><h2>The basics: Exxon vs. Devon</h2>
<div class="lb-trans"><h2>基本情況：埃克森美孚與戴文能源</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，這意味着它生產石油和天然氣。它還在地理上專注於其業務，僅在美國市場進行能源鑽探。由於石油和天然氣價格是其財務結果的主要驅動因素，因此該股票可能高度波動。它沒有其他部門來幫助抵消鑽探操作的起伏。</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>圖片來源：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運營。石油和天然氣價格也會對其財務表現產生重大影響。然而，埃克森還在中游和下游領域運營。</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>中游包括能源運輸資產，如管道。這一重要的能源基礎設施在整個能源週期中往往能產生可靠的現金流。下游則由化工和煉油業務組成。這些業務可能與上游一樣波動，但通常是反週期的，因為石油和天然氣是這些操作的關鍵投入。</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>雖然埃克森的業績會隨着能源價格的變化而波動，但其波動的幅度往往不如像戴文能源這樣的純粹生產者那麼極端。這就是埃克森在整個能源行業多元化所帶來的好處。</p>
</div><h2>Which is the better oil stock?</h2>
<div class="lb-trans"><h2>哪個是更好的石油股票？</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>事實上，埃克森和戴文之間沒有什麼根本性的錯誤。但它們並不適合同一類投資者。顯然，埃克森對保守型投資者更具吸引力。這是其多元化商業模式的結果，但不僅僅是這一點。</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，埃克森的股息已經連續 42 年增加。即使你不是以股息為重點的投資者，這也説明了該業務的韌性。如果你是股息愛好者，這表明你可以購買埃克森，並在未來幾年舒適地收取季度支票。與此同時，股息收益率為 3.5%。這遠高於市場的 1.2% 收益率，但從歷史上看，對埃克森來説並不是一個巨大的收益率。</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 數據來源於 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>如果你現在想在收入投資組合中增加能源敞口，購買埃克森可能仍然值得。這尤其是因為其資產負債表在綜合能源同行中是最強的之一。基本上，它準備好應對未來到來的下一個能源低迷。然而，如果你偏好價值或更高的收益率，你可能想等到那次低迷。歷史上，在埃克森的業務掙扎時購買是最好的時機。</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>戴文能源可能不會吸引保守投資者，其 3.3% 的收益率低於埃克森的收益率，因此也可能不會吸引收入投資者。那麼，誰會更喜歡戴文而不是埃克森呢？對能源價格有強烈看法的投資者。這涉及到市場時機，這在長期內是非常難以成功做到的。</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，戴文是一家備受尊敬的公司，具有較低的盈虧平衡點，並擁有大量未來鑽探的土地庫存。因此，這絕不是一種輕率的投資。事實上，戴文能源多年來一直在持續支付股息。如果沒有良好的管理，這是不可能做到的。</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>儘管如此，近年來戴文支付的股息是根據其財務結果而變化的。新冠疫情後能源價格飆升推動了額外的股息。這些額外的股息由於能源價格的正常化和戴文的收購驅動增長努力而減少（它正在償還債務而不是支付股息，這是一個良好的資本配置決策）。</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>儘管財務結果和股價總是會波動，但戴文能源仍在不斷發展其業務，儘管它在埃克森這樣的巨頭陰影下運營。雖然只有更激進的投資者會考慮戴文，但總體而言，它是一家相當管理良好的能源公司。</p>
</div><h2>Exxon or Devon? It depends.</h2>
<div class="lb-trans"><h2>埃克森還是戴文？這要看情況。</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>在投資方面幾乎沒有簡單的答案，選擇埃克森和戴文也不例外。當然，深度的能源低迷將導致這些能源股票的價格更具吸引力，因此現在弄清楚你最喜歡哪個，可能會讓你在其他人拋售時做好購買準備。</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>也就是説，埃克森最適合尋求廣泛能源行業敞口的保守投資者，而戴文則更適合對能源價格持建設性看法的激進投資者。</p>
</div>

Better Oil Stock: Devon Energy vs. ExxonMobil

- 西德克薩斯中質原油價格在三個月內波動約 15% 後回落至 4% 的漲幅。  
- 埃克森美孚和德文能源各有優勢，適合不同類型的投資者。  
- 埃克森適合保守型投資者，而德文則吸引對能源價格有信心的激進投資者。

更好的石油股票：戴文能源 vs. 埃克森美孚