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Doug Leggett

Managing Director and Senior Research Analyst at Wolfe Research

Doug Leggate is a Managing Director and Senior Research Analyst at Wolfe Research, specializing in integrated oil, refiners, and exploration and production (E&P) equities with global coverage. He covers major companies including Exxon Mobil, TotalEnergies, and Chord Energy, and maintains a strong performance track record with a TipRanks success rate near 56% and average returns above 9%, peaking with recommendations like a 276% gain on Devon Energy. Leggate began his career with over 30 years at Chevron before moving to the sell side after business school, held a senior research leadership role at Bank of America, and joined Wolfe Research in June 2024 after two decades recognized among the top three analysts in his field. He holds a bachelor’s degree in Mechanical Engineering (Valedictorian) from the University of Strathclyde, an MBA from the University of Warwick, and is known for his deep industry expertise and global research leadership.

Doug Leggett's questions to EXXON MOBIL (XOM) leadership

Question · Q3 2025

Doug Leggett questioned why ExxonMobil's dividend growth rate remains 'pedestrian' despite significant free cash flow growth and a reduced dividend break-even, suggesting it might be holding back market recognition of value. He asked when free cash flow expansion would translate to a more competitive dividend growth rate.

Answer

Kathryn Mikells, Senior Vice President and Chief Financial Officer, highlighted the company's focus on dividend sustainability, competitiveness, and growth, noting positive investor feedback on their approach to dividends and share buybacks. She emphasized their 43 consecutive years of annual dividend growth. Darren Woods, Chairman and Chief Executive Officer, added that the company is mindful of its dividend commitment across commodity cycles.

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Question · Q3 2025

Doug Leggett questioned why ExxonMobil's dividend growth rate remains 'pedestrian' despite significant free cash flow growth and a reduced dividend break-even, suggesting it might be holding back market recognition of value.

Answer

Kathryn Mikells, Senior Vice President and CFO, stated that the company prioritizes dividend sustainability, competitiveness, and growth, and generally receives positive investor feedback on its approach, which also includes consistent share buybacks. She highlighted ExxonMobil's 43 consecutive years of annual dividend growth, placing it among a small percentage of S&P 500 companies. Darren Woods, Chairman and CEO, added that they are mindful of their dividend commitment across commodity cycles.

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