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BP and Shell Are Worth Less Than Exxon and Chevron. Here’s Why.

BP and Shell Are Worth Less Than Exxon and Chevron. Here’s Why.

BP and Shell two of Europe’s biggest oil-and-gas companies, have a valuation problem that they haven’t been able to solve for decades. Exxon trades at 12 times forward earnings, as does Chevron Shell, by contrast, is at eight times, while BP is at seven. This is a conundrum that Shell CEO Wael Sawan and BP CEO Murray Auchincloss would like to crack.