Abstract
International oil demand is met by large government-owned producers, with remaining production divided between publicly traded Majors and Independents. This study compares publicly traded oil producer equity returns traded on the NYSE for the Majors and Independent US oil producers. Individual producer returns were related to equity and oil returns. Equity market risk is lower for large Majors and higher for smaller Independent rivals. Oil producers’ risk premiums associated with oil are smaller for large Majors and larger for smaller Independents. Natural gas returns generally do not affect producer returns. Major returns are inversely while smaller Independent returns are positively related to the size effect. Major oil producer returns are positively related to the value effect and negatively related to momentum.
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