Stock price when the opinion was issued
Just reported their highest-ever profit of under $40 billion. Pays a 3.5% dividend that should grow 8-10% annually in share buybacks. Shares have been outperforming the MSCI world since late 2020. Oil demand continues to outstrip supply. Announced share buybacks and a dividend hike.
He prefers BP which has better upside. RDS though has a nice cash flow and did a great job repositioned the company on the downstream side. Has one of the lowest-cost asset bases. Pays over a 5% dividend. The LNG project in BC announced today will impact RDS who are one of the investors/partners, but there's a real risk of huge cost overruns.