Big oil firm’s optimism faces reality check

Big bucks: Vessels carrying supplies for an offshore Exxon Mobil operation are seen at a wharf south of Georgetown, Guyana. Exxon is investing heavily in Guyana where oil can be pumped at less than US$35 a barrel, some US$40 below current prices. — Reuters

NEW YORK: Exxon Mobil Corp and Chevron Corp are generating returns not seen since their heyday over a decade ago, with US$58.7bil handed to shareholders last year and more to come in 2024, even if crude prices drop.

And yet, they’re struggling to compete in a stock market beholden to Silicon Valley.