BP and Shell vs. Exxon and Chevron: The Mystery of Big Oil’s P/E Gap

Last year, global oil companies boomed.


BP


and


Shell


both based in London, saw share prices rise some 40% in 2022 and trade at five times forward earnings. U.S.-based


Exxon Mobil


soared nearly 80% and trades at almost 10 times earnings, while


Chevron


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