Chevron, Exxon, Shell and ConocoPhillips Hit Record Highs as Crude Rally Powers On Into Earnings
Key takeaways
- Oil majors hit record highs as geopolitical tensions keep crude prices elevated, boosting earnings outlooks and investor returns.
- Brent $117.4
- WTI $103
- Exxon Q3 revenue $106.02 billion (+24.3% YoY)
What happened
Top U.S. oil majors—ExxonMobil (XOM), Chevron (CVX), Shell (SHEL), and ConocoPhillips (COP)—reached record highs on Thursday as Brent and WTI crude prices climbed to $117.4 and $103, respectively, amid ongoing geopolitical tensions in the Middle East and Eastern Europe. The rally pushed the companies’ shares up 42‑50% year‑to‑date, with market caps topping $753 billion for Exxon, $460 billion for Chevron, and $460 billion for Shell. Earnings guidance for the quarter is strong: Exxon’s Q3…
Why it matters
The surge in oil prices lifts the earnings outlook for the biggest U.S. energy firms, reinforcing their status as the strongest performers in the S&P 500, which is up 45% this year. Higher commodity prices translate directly into higher revenues and profits for these majors, boosting investor confidence and…
Short-term and longer-term
Short-term. Over the next few days, watch for earnings releases from Exxon, Chevron, Shell, and ConocoPhillips, as any deviation from the strong guidance could trigger sharp price swings.
Longer-term. For the coming months, the energy sector’s strong earnings trajectory and dividend payouts make it an attractive component of a diversified portfolio, especially as inflationary pressures persist.