The Irving-based oil giant’s shares have soared 75% year-to-date, putting the company on pace for its best-ever annual performance.
, has surpassed electric-vehicle giant Tesla Inc. in market value for the first time since 2020 as investors sell high-growth stocks and buy up value stocks in the energy sector.best-ever annual performance
Broadly, the change in fortunes illustrates how in the face of growing economic and geopolitical uncertainty, investors flocked to businesses with strong cash flow this year, ditching riskier assets whose valuations are pinned to future growth prospects. For its part, Exxon’s equity value has been steadily climbing since hitting a two-decade low in early 2020, when the outset of the COVID-19 pandemic sent crude prices into a tailspin. Since that time, rising crude prices have helped the U.S. oil producer steadily climb back up the ranks of the most valuable companies in the S&P 500, surpassing Facebook parent Meta Platforms Inc. in September and now Tesla.Exxon is reclaiming its title as “the poster child of buybacks” and spent $10.
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