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Chevron displaces Shell

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BY LIAM DENNING OF THE WALL STREET JOURNAL: Chevron, Shell and Big Oil’s Big Divide

Chevron just took silver. That offers gold for investors. A decade ago, Chevron’s market capitalization of $70 billion was half the size of Royal Dutch Shell’s. This year, though, Chevron has opened up a lead: Worth $232 billion, it is now the second largest of the Western oil majors, trumping Shell’s $215 billion. It isn’t first time Chevron has overtaken Shell; it nudged ahead briefly in the depths of the financial crisis and last October. But this lead looks more sustainableā€”and points to important differences in the two oil majors’ strategies and performance.

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