Subject: Re: OXY New CEO's Challenges
When comparing valuation using proven reserve BOE, you should adjust for the different mix of upstream, midstream and downstream businesses. OXY is much more concentrated on upstream after selling OXYChem. They have some mid stream assets.

Bot XOM and CVX have significant downstream businesses which cushion earnings when oil and gas prices drop.

Most ONG exploration only companies trade at a significant discount to large integrated companies.