E&P ROIC Rankings: Why Devon, ConocoPhillips Beat ExxonMobil by 4x
Devon Energy generated 48% ROIC in Q3 2025. ExxonMobil generated 11%. Both produce oil and gas. Why the 4.5x difference? The answer lies in capital allocation: XOM returns 73% of FCF as dividends while pure E&P operators reinvest in high-return wells.