Chevron tops Exxon Mobil market cap for first time
(Reuters) - Chevron's market value for the first time surpassed Exxon Mobil's on Wednesday during a week during which Noble Energy, a smaller oil and gas producer, closed an all-stock deal for $ 4.1 billion.
Chevron's market cap ended the day around $ 142 billion, surpassing Exxon Mobil's market value at the end of the trade of $ 141.65 billion. This comes from refinitive data and Chevron SEC filings on the Nobel Deal.
Chevron's shares closed 2.047% on Wednesday and Exxon Mobile only rose 0.3%.
Chevron's finances are stronger and its stocks have outperformed its bigger rival. It has turned away from costly mega-projects preferred by oil companies and moved ahead earlier this year to cut costs amid the sharp drop in oil and gas prices caused by coronavirus.
Investors have shunned fossil fuel companies and the energy sector has been the worst performing S&P 500 year-to-date. Chevron stock is down less than 38% since the start of the year, compared to a 52% decline for Exxon, which was deleted from the Dow Jones Industrial Average this year, a position it has held since the index was created.
Exxon's poor profits have forced it to borrow to fund its nearly $ 15 billion annual dividend and pay for new projects.
In part, Chevron's finances have benefited from the faster sale of unwanted assets. Exxon struggled to unload unwanted oil fields despite promising to accelerate sales in early 2019. Exxon representatives have announced that they will be reviewing all operations for cuts but have signaled that no major savings will be made this year.
(Reporting by Alden Bentley in New York and Gary McWilliams in Houston; Editing by Shri Navaratnam)
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