(Bloomberg) — Chevron Corp. overtook Exxon Mobil Corp. as the largest oil company in America by market value, the first time the Texas-based giant has been dethroned since it began as Standard Oil more than a century ago.

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The reordering of the oil giants says more about Exxon than Chevron.

The company has been struggling to generate enough cash to pay for capital expenditures, leaving it reliant on debt and putting pressure on its $15 billion-a-year dividend. It pursued a series of expensive projects that promised growth after years of stagnating production. Those became a drag on its cash flow when the pandemic hit. Chevron has meanwhile fared relatively well, having emerged with the strongest balance sheet among its Big Oil peers.

Even so, both Exxon and Chevron are receding into the rear-view mirror of NextEra Energy Inc. The world’s biggest producer of wind and solar power has now surpassed the oil majors, leading a spectacular rally in power stocks as much of the world shuns fossil fuels to fight climate change.



chart: NextEra's market value now exceeds Chevron, Exxon


© Bloomberg
NextEra’s market value now exceeds Chevron, Exxon

NextEra ended Wednesday with a market capitalization of $145.5 billion, topping Exxon’s $141.6 billion. Last month, the power giant eclipsed Chevron, now valued at $142 billion.

Exxon’s shares have tumbled more than 50% this year, and its second-quarter loss was its worst of the modern era. In August, it was ejected from the Dow Jones Industrial Average.

Chevron, meanwhile, has fared relatively well amid a Covid-fueled downturn, having emerged with the strongest balance sheet among its Big Oil peers. It was able to complete its $5 billion acquisition of Noble Energy Inc. last week.

READ: Exxon’s Humbling Fall From Oil Juggernaut to Mediocre Company

NextEra has emerged as the world’s most valuable utility, largely by betting big

By Miroslava Krufova and Alan Charlish

WARSAW (Reuters) – The Czech crown

looks set to lead the charge as central and eastern European currencies bounce back over the next 12 months from recent losses on hopes of improvement in the global pandemic situation, a Reuters poll found.
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September was a difficult month for CEE currencies, with the crown, the Polish zloty

and the Hungarian forint

losing 2-3% as rising numbers of coronavirus cases stoked fears of a damaging second wave.
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However, according to the poll of 39 analysts, the crown will gain 4.6% versus Wednesday’s European close to 25.80 against the euro in a year, as pandemic worries calm and the focus shifts back to fundamentals.

“While uncertainty regarding the second wave of the pandemic and regarding the impact of related restrictions on economic activity may last also in the coming weeks, I think the CEE currencies over-reacted with their recent depreciation,” said Radomir Jac, Chief Economist at Generali Investments CEE in Prague.

“The macroeconomic background remains supportive for the view that the Czech crown will recover from its recent losses as soon as concerns regarding the impact of the pandemic moderate.”

In Hungary, where the central bank faces a deep recession coupled with rising inflation, the forint is seen firming 1.4% against the euro to 358.50 in a year. However, expectations are less optimistic than in September when the forint was expected to be the region’s best-performing currency.

“HUF is to remain under pressure mainly because of the flight to safety due to the upcoming uncertainty regarding the U.S. elections and the COVID-19 situation,” said Peter Virovacz, senior economist at ING in Budapest.

“Hopefully the worst will be behind us by the second quarter of 2021 and then we will see some appreciation in the EM