Why Exxon and Chevron’s Deals Leave Investors Cold

U.S. oil majors Exxon Mobil and Chevron are good at squeezing hydrocarbons out of the ground. Digging for extra Brownie points from investors has been tougher.

The companies have tried hard to be attractive, first by continuously demonstrating spending discipline and consistently doling out generous shareholder returns. Most recently, both announced mega acquisitions at reasonable prices.