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Chevron passes Exxon Mobil as America's largest oil company

The exchange was based on market value.

TEXAS, USA — The Texas-based Exxon Mobil has been surpasses as the largest oil company in America by Chevron.

The California company surpassed Exxon Mobil at the end of Wednesday based on market value.

Chevron's market capitalization sat at $142 billion, while Exxon Mobil settled at $141.6 billion.

Oil companies across the U.S. have had a bumpy ride through 2020, with the COVID-19 pandemic and OPEC fallout causing oil prices crashing to historically low levels.

Chevron also completed its acquisition of Noble Energy Inc. during the previous week.

NextEra Energy Inc. is also surpassing both oil companies, its market value settling around $145 billion on Wednesday.