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Too Big to Grow? Exxon’s Star Dims as It Struggles to Boost Crude

  • Crude output falls as climate stand, sanctions spur headwinds
  • Stock at discount to S&P peers for first time in 20 years
Exxon Mobil Corp. station in Cincinnati, Ohio.

Exxon Mobil Corp. station in Cincinnati, Ohio.

Photographer: Luke Sharett/Bloomberg

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Big Oil’s gold standard is losing some of its luster.

Exxon Mobil Corp. basked in a premium stock valuation for two decades thanks to unparalleled financial discipline, management expertise and the ability to weather oil-price downturns that hobbled lesser rivals. Those days are over.