Twice over the past two weeks, ExxonMobil XOM has made headlines for all the wrong reasons, a Forbes Report reads.
Last week the utility NextEra Energy NEE surpassed the market capitalization of ExxonMobil to, according to the report, replace it as the largest U.S. energy company.
This week, there was another milestone. At some points over the past decade, ExxonMobil — the biggest of “Big Oil” in the U.S. — was worth as much as $225 billion more than Chevron CVX. That size advantage totally disappeared on October 8, 2020, when Chevron’s value closed the day higher than ExxonMobil’s.
“If you look at the chart, it’s quite different than the story with NextEra. ExxonMobil’s value fell sharply this year, but NextEra has had a really good year.
“Chevron, on the other hand, has struggled with the Covid-19 pandemic along with other oil and gas producers. They just haven’t struggled as much as most others,” Forbes report read.