Exxon once the largest company in the world gets booted off The Dow.
In 2013 Exxon (XOM) was once the most value in the world. it just goes to show how many oil companies struggle in the stock market do to climate concerns. Technology stocks have vastly outperformed petroleum stocks, especially because the Coronavirus has kept Global oil demand on a downward turn. Exxon has been in the Dow Jones Industrial Average since 1928. It was one of J.D Rockefellers empires. When it first started out it was called Standard Oil. Mobile, a different division of Rockefeller’s Empire merged with Exxon in 1999 and went on to be the largest publicly traded company.
As of August 31st, Chevron will be the last energy stock included in the Dow. Exxon’s focus going forward is to create shareholder value by meeting the world’s energy needs.
ExxonMobil has signed an agreement with Global Clean Energy Holdings to purchase 2.5 million barrels of renewable diesel per year for five years from a converted California refinery starting in 2022.Source Exon News