⚠️ The Valuation Gap Is Getting Hard to Ignore

Europe vs the US supermajors

The numbers:

• Shell $224B

• #TotalEnergies $165B

• bp $103B

→ $492B combined

Now compare:

• #ExxonMobil $617B

• #Chevron $360B

This is strategy and perception.

• US majors priced for cash flow and discipline

• European majors discounted for complexity and mixed signals

💰Capital rewards clarity, not narrative

#OOTT

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