Chevron Corporation has overtook Exxon Mobil Corporation as the largest oil company in America by market value. This is the first time in a century the Texas-based giant has been dethroned as the energy leader.
Amidst the pandemic, Chevron has emerged with the strongest numbers amongst Big Oil majors, and successfully completed its USD $5 billion acquisition of Noble Energy. Exxon, by contrast, is struggling to generate enough cash to pay for capital expenditures.
However, both Exxon and Chevron are beginning to fall behind of NextEra Energy, the world’s largest producer of wind and solar power, which has now surpassed the oil majors. This spectacular change in stocks comes as much of the world aims to fight fossil fuels and climate change.
NextEra ended the first Wednesday of October with a market capitalization of USD $145.5 billion, topping Exxon’s USD $141.6 billion. Last month, the power giant eclipsed Chevron, now valued at USD $142 billion. Market analysts predict the trend toward renewable resources will continue to accelerate in coming years.
Details Courtesy of Bloomberg.