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Liam Denning

Exxon's Suddenly Trouncing Chevron. Coincidence?

An activist campaign may already be paying dividends.

Sky’s the limit?

Sky’s the limit?

Photographer: David McNew/Getty Images North America

Perhaps it’s nothing.

It’s hard to see in that chart, but Exxon’s relative outperformance versus Chevron since activist shareholder Engine No. 1 LLC showed up is actually the sharpest in the past decade, barring the mid-March stock-market meltdown when Covid-19-related panic set in.