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Chevron stands to keep gaining on Exxon Mobil. Over the last five years, shares of the second-largest U.S. oil company have vastly outperformed its larger rival’s, yet Chevron’s valuation still lags. As chief executive officer John Watson wooed investors in New York at its annual investor day on Tuesday, there was a good case to be made that output growth and a focus on oil favour the gap closing even more.