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CRAK - A Closer Look At U.S. Oil Producer Capex And Profits
VanEck Vectors Oil Refiners
While margins have recently reached record highs for the Energy sector in the S&P 500 as oil prices have risen, overall net profit for US producers remains below record levels seen in 2012.
CAPEX for US oil producers has historically outpaced net profit and normally tracks closer to Free Cash Flow.
Oil producers typically reinvest a much larger percentage of sales back into CAPEX than the overall market.