XOM seen to have 47% upside from here - C de R

Upstream Value Compression - Our sum-of-the-parts valuation analysis suggests XOM's proved reserves are being valued at $8 per proved Boe. Essentially, XOM could spin out the equivalent of one Dow chemical company (DOW), three Valero refining companies (VLO), one Calpine power company (CPN), one Spectra pipeline company (SE) and an Imperial oil (IMO). XOM's stock price is implying that its global upstream assets are being valued at