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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 sustainable—and points to important differences in the two oil majors’ strategies and performance.

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