Chevron Dethrones Exxon as the Largest U.S. Oil Company
Chevron (NYSE: CVX) is now the largest U.S. oil company by market cap after overtaking big-oil rival ExxonMobil (NYSE: XOM). Chevron closed trading on Wednesday with a $142 billion market cap, eclipsing Exxon's $141.6 billion value. But both have fallen below renewable energy giant NextEra Energy (NYSE: NEE), which has surged to a $145.5 billion market value this year.
While Chevon is now the largest U.S. oil company, it's a fraction of its former self. At its peak in 2014, the company had a $256 billion market cap. Shares have since fallen more than 45% from their high, with most of that damage coming this year as they've declined 39% due to crashing crude prices caused by the coronavirus.
Image source: Getty Images.
Source Fool.com
