Assuming you mean "why the h_ is the STOCK PRICE not higher - well just a thought, but in looking at their cash flow statements, there appear to be limited/no stock buybacks since the spin-off last spring. I consider this a PLUS; stock buybacks are the bette noir of the serious dividend investor; other oil companies whose stocks are far pricier obtain their high stock price result, in my opinion, through "share repurchase plans" which have the effect of making the stock artificially pricey.
Not sure I whole heartedly agree. XOM has been buying back stock at a league leading pace while their share price continues to lag. The XOM dividend is substantially less than CVX and COP.
I believe both COP and XOM suffer from a fundemental problem of low/no growth. COP in particular needs to "show me the money" and prove their plan to raise production is not just another big-talk plan that never comes to fruition. The debt legacy left on the post-split door step by Mulva is also a BIG anchor, regardless of what some self described accounting-expert authors on this board say!