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Exxon’s Market-Value Crown in Energy Passes to Chevron, NextEra

  • Chevron emerged from 2020 price crash with stronger finances
  • NextEra is world’s most valuable utility after big wind bets
A gas flare at a Chevron Phillips Chemical Co. plant ahead of Hurricane Laura in Port Arthur, Texas, U.S., on Tuesday, Aug. 25, 2020. Hurricane Laura is poised to become a roof-ripping Category 3 storm when it comes ashore along the Texas-Louisiana coast, threatening to inflict as much as $12 billion of damage on the region and potentially shutting 12% of U.S. refining capacity for months.
Photographer: Luke Sharrett/Bloomberg
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Chevron Corp. overtook Exxon Mobil Corp. as the largest oil company in America by market value, the first time the Texas-based giant has been dethroned since it began as Standard Oil more than a century ago.

The reordering of the oil giants says more about Exxon than Chevron.