ExxonMobil ( XOM +0.00% ) began a journey to transform the company several years ago, aiming to fully unlock its competitive advantages. The energy giant focused on investing in its advantaged resources, those with the lowest costs and highest margins. It also aimed to leverage its massive scale to reduce structural costs.

Here's a look at whether the oil stock 's strategy has created value for investors over the past five years.

Drilling down into Exxon's five-year returns

The following table shows Exxon 's stock price and total return over the last one-, three-, and five-year periods compared to the S&P 500 :

As that table shows, Exxon has underperformed the S&P 500 over the past year and over the last three years. However, it has absolutely crushed t

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