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How Wall Street is killing Big Oil

Investors effectively driving the majors into liquidation; global dominance shifts to emerging markets.

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Once reliable market beaters, Big Oil shares are lagging. Over the past five years, when the S&P 500 rose more than 80 per cent, shares of Exxon and Shell rose just over 30 per cent.

Chicago

LEE Raymond, the famously pugnacious oilman who led ExxonMobil between 1999 and 2005, liked to tell Wall Street analysts that covering the company would be boring. "You'll just have to live with outstanding, consistent financial and operating performance," he once boasted. For

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