Exxon Mobil Corporation engages in the exploration and production of crude oil and natural gas in the United States and internationally. It operates through Upstream, Energy Products, Chemical Products, and Specialty Products segments. The Upstream segment explores for and produces crude oil and natural gas. The Energy Products segment offers fuels, aromatics, and catalysts, as well as licensing services. It sells its products under the Exxon, Esso, and Mobil brands. The Chemical Products segment manufactures and markets petrochemicals including olefins, polyolefins, and intermediates. The Specialty Products segment offers performance products, including lubricants, basestocks, waxes, synthetics, elastomers, and resins. The company also involves in the manufacturing, trade, transport, and sale of crude oil, natural gas, petroleum products, petrochemicals, and other specialty products; and pursuit lower-emission business opportunities, including carbon capture and storage, hydrogen, lower-emission fuels, and lithium. Exxon Mobil Corporation was founded in 1870 and is based in Spring, Texas.

У Exxon Mobil фундаментальная картина сильная по балансу, но оценка уже выглядит требовательной к качеству будущих результатов. Мультипликаторы P/E 22.8, P/S 2.0, P/B 2.43 и особенно P/FCF 21.96 заметно выше медианы отрасли, а их рост по годам указывает на удорожание акций быстрее, чем улучшается операционная база. Это ограничивает потенциал дальнейшего переоценивания и делает текущую цену чувствительной к любому замедлению прибыли или свободного денежного потока. С другой стороны, долговая нагрузка очень низкая: debt/equity 0.13 существенно лучше отрасли и почти не ухудшается по годам, что снижает финансовые риски. Ликвидность при этом не идеальна: quick ratio 0.79 и current ratio 1.15 ниже отраслевых ориентиров и за год не улучшаются, поэтому запас прочности по оборотному капиталу ограничен. Рентабельность выглядит смешанно: ROA около медианы, ROI немного выше, но ROE, net profit margin и operating margin ниже отрасли и постепенно снижаются, что говорит о давлении на эффективность бизнеса. Выручка и прибыль остаются крупными и устойчивыми, однако динамика net income, operating income и EBITDA не показывает ускорения, а скорее отражает нормализацию после более сильных периодов. Дивидендная доходность снизилась с прошлых уровней, поэтому дивидендный аргумент сейчас поддерживает оценку слабее, чем раньше. При этом собственный капитал и net worth остаются очень большими, а долгосрочный долг сокращался, что подтверждает высокое качество баланса. В целом компания выглядит как качественный, финансово устойчивый нефтегазовый эмитент, но рынок уже платит за эту устойчивость повышенную цену. Поэтому для целевой оценки уместна умеренная консервативная корректировка вниз, а не агрессивное изменение, поскольку сильный баланс частично компенсирует слабость маржинальности и дорогие мультипликаторы.

Exxon Mobil Corporation

Сильный индекс, незначительно упал. Быки в растерянности.

Strong index, slightly down. The bulls are confused.

Средний индекс, значительно вырос. Медведи в растерянности.

Medium index, significantly up. The bears are confused.

Сильный индекс, незначительно упал. Рынок не поддерживает быков.

Strong index, slightly down. The market does not support the bulls.

Сильный индекс, значительно вырос. Рынок на стороне медведей.

Strong index, significantly up. The market is on the bears' side.

Слабый индекс, незначительно упал

Слабый индекс, незначительно вырос

Сильный баланс и низкий долг Exxon Mobil сочетаются с дорогой оценкой и ослаблением маржинальности, поэтому целевой прогноз стоит немного снизить.

Dividend stocks can be a great source of income for investors, especially retirees. That's because dividend stocks pay out cash distributions regularly, usually once per quarter.
While dividend stocks can be a great source of income, they can also be an excellent way to grow your wealth over time. That's because those companies that consistently pay out dividends must show strong discipline in managing their cash to ensure they can make regular dividend payments to investors. Not only that, but dividend-paying companies tend to outperform the broader market. According to Royal Bank of Canada's Global Asset Management division, from 1986 through 2016, dividend-paying companies returned investors an average of 9.9%, outperforming the 6.6% return in the broader market.
Three companies with solid dividend yields that you can invest in forever include Morgan Stanley (NYSE: MS), U.S. Bancorp (NYSE: USB), and Cincinnati Financial (NASDAQ: CINF).
1. Morgan Stanley
Morgan Stanley is a financial services firm with businesses across investment banking, wealth management, and securities trading. The company is a good dividend stock because it has diversified its revenue streams. Before 2020, the company relied primarily on investment banking and trading to generate revenue.
Seeing how volatile the business's earnings were, CEO James Gorman looked to diversify the company's revenue so it could perform well in all kinds of markets. The bank made a splash last year, making not one but two major acquisitions. The bank acquired E*TRADE and Eaton Vance, spending roughly $20 billion to improve its profitability in all kinds of market conditions.
E*TRADE gives the firm a consistent revenue stream from trading commissions and fees. This revenue stream can perform quite well when market volatility is high and investors engage in a lot of trading activity. Eaton Vance gives it a revenue stream that can do well in all market conditions. Wealth management will collect fees on total assets under management (AUM) and can provide it with revenue.
This consistent revenue stream should help the company maintain and even grow its dividend for the years to come. The bank doubled its dividend payout after the Federal Reserve lifted dividend restrictions on banking sector stocks earlier this year, and the stock currently yields investors a healthy dividend of 2.1% annually.
2. U.S. Bancorp
U.S. Bancorp is a well-run bank that focuses on risk management and strong credit quality. Its focus on high-quality loans and conservative loss provisions are one reason why it is known as one of the best-run super-regional banks in the U.S. U.S. Bancorp is also one of Berkshire Hathaway's top 10 largest holdings.
What makes U.S. Bancorp a solid dividend stock is its consistent earnings over the past decade. The stock currently trades at a price to tangible book value (equity minus intangible assets and goodwill) of 2.4, putting it at a more expensive valuation than other banking competitors.
However, it trades at a premium for a good reason. The bank has maintained stellar profitability ratios compared to its peers. Over the past 10 years, U.S. Bancorp has maintained an average return on equity (ROE) of 15.2% and an average return on assets (ROA) of 1.4% -- beating out other major banking competitors, including JPMorgan Chase, Bank of America, and Wells Fargo.
U.S. Bancorp has displayed excellent risk management and credit quality. Additionally, it has also built up a strong payments business, which should drive strong future growth for the bank. The bank currently gives investors an attractive yield of 3.1%.
3. Cincinnati Financial
Insurance companies can be a great source of income because of their consistent cash flow generation. That's a big reason why Warren Buffett has described insurance as one of his favorite industries to invest in.
Cincinnati Financial is an insurer focused on writing property and casualty insurance policies. The company mainly makes money from commercial insurance policies or those policies for businesses. It also underwrites personal lines of policies like auto insurance and homeowners insurance.
It has done a great job of writing profitable policies for decades now, and that is why it has been able to increase its dividend payout so consistently. From 2012 through 2020, the company has grown cash flow from its property-casualty policies at an 11.5% compound annual growth rate.
The company has invested heavily in its technology and AI to underwrite better policies and handle claims quickly and efficiently. These investments help it stay ahead of its competition, which has seen younger insurance companies looking to leverage AI and big data to disrupt the entire industry.
Cincinnati Financial has shown an impressive history of consistently increasing its dividends. The company is a part of the exclusive Dividend Kings club -- stocks that have increased dividend payouts for at least 50 years straight. The company has increased its dividend 61 years consecutively, a feat that only eight other companies have achieved. It also sports a solid dividend yield of 2.1%.
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3 Dividend Stocks You Can Buy and Hold Forever

National Fuel Gas Company NFG announced that its board of directors has approved a 4% hike in the quarterly dividend payment, lifting the payout to 55.5 cents per share. The dividend is payable on July 15, 2026, and will be distributed to shareholders of record as of June 30, 2026.
The company’s new annualized dividend is $2.22 per share compared with the previous annual dividend of $2.14. Its current dividend yield is 2.79%, higher than the Zacks S&P 500 composite's average of 1.44%.
The company has paid dividends for 124 consecutive years and has increased its annual dividend for 56 straight years. NFG’s long history of dividend distribution reflects its strong operational performance and resilient cash-flow generation.
NFG's Dividend Sustainability Outlook
Although dividend payments are never guaranteed from one quarter to the next, a company’s strategic efforts to improve earnings and operational performance can help assess the sustainability of its dividend policy.
National Fuel Gas benefits from rising natural gas demand driven by data center growth, extensive shale assets, enhanced well designs, strategic acquisitions and disciplined capital investments that support long-term production, earnings and dividend growth.
NFG in October 2025 announced that it has agreed to acquire CenterPoint’s Ohio natural gas utility business for $2.62 billion, expected to close in the fourth quarter of calendar 2026. The transaction is expected to enhance long-term regulated adjusted EPS growth of 5-7% and strengthen dividend prospects by increasing regulated earnings.
The company generated nearly $160 million in free cash flow in the second quarter of fiscal 2026. NFG plans to increase free cash flow through strategic investments and operational improvements in its production and gathering businesses, supporting future dividend increases and stronger shareholder returns.
The company plans capital investment of $0.96-$1.07 billion in fiscal 2026. Its systematic capital spending to strengthen its natural gas and oil operations is positively impacting total production.
Consistent Dividend-Paying History
NFG is not the only company with a long history of dividend distribution. Chevron Corporation CVX, Exxon Mobil XOM and Occidental Petroleum OXY are the other players from the same sector that have a long history of dividend payment.
Chevron has been increasing shareholder value through consistent annual dividend hikes for 39 consecutive years. Currently, the company’s quarterly dividend is $1.78 per share, resulting in an annualized dividend of $7.12.
CVX's dividend yield is 3.83%. The Zacks Consensus Estimate for Chevron's 2026 earnings is pegged at $15.88 per share, suggesting year-over-year growth of 117.83%.
Exxon Mobil’s dividends per share have grown at an average annual rate of 5.8% over the last 43 years. The company’s board has approved a quarterly dividend of $1.03 per share, resulting in an annualized dividend of $4.12.
XOM's dividend yield is 2.81%. The Zacks Consensus Estimate for Exxon Mobil's 2026 earnings is pegged at $11.80 per share, suggesting year-over-year growth of 66.81%.
Occidental Petroleum also has a long history of paying dividends. On Feb. 18, 2026, the board approved an 8% increase in the quarterly dividend to 26 cents per share, raising the annualized payout to $1.04 per share.
OXY's dividend yield is 1.87%. The Zacks Consensus Estimate for Occidental Petroleum's 2026 earnings is pegged at $5.79 per share, suggesting year-over-year growth of 161.99%.
NFG's Stock Price Performance
In the past month, the company’s shares have plunged 3.7% compared with the industry’s 1.8% fall.
Image Source: Zacks Investment Research
NFG’s Zacks Rank
NFG currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
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National Fuel Gas Rewards Shareholders With 4% Dividend Increase

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.
The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.
Zacks Premium also includes the Zacks Style Scores.
What are the Zacks Style Scores?
Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.
Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.
The Style Scores are broken down into four categories:
Value Score
Finding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.
Growth Score
Growth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.
Momentum Score
Momentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.
VGM Score
If you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank
The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.
It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +24% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.
That's where the Style Scores come in.
You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.
The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.
For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Exxon Mobil (XOM)
Over the past decade, ExxonMobil has undergone a significant transformation, reshaping its business to adapt to evolving energy demands, financial discipline and environmental considerations. Traditionally reliant on oil and gas, the company has streamlined operations and focused capital on high-return, low-cost projects. ExxonMobil has achieved nearly $15.6 billion in structural cost savings since 2019, strategically enhancing its earnings power and improving cost efficiency.
XOM is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 12.42; value investors should take notice.
Seven analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $2.28 to $11.80 per share. XOM also boasts an average earnings surprise of +6%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, XOM should be on investors' short list.
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Here's Why Exxon Mobil (XOM) is a Strong Value Stock

The S&P 500 Index ($SPX) (SPY) on Thursday closed up +1.75%, the Dow Jones Industrial Average ($DOWI) (DIA) closed up +1.86%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +3.29%. June E-mini S&P futures (ESM26) rose +1.73%, and June E-mini Nasdaq futures (NQM26) rose +3.26%.
Stock indexes settled sharply higher on Thursday, after geopolitical risks eased when President Trump canceled planned strikes on Iran and signaled that a peace deal to end the war was imminent. Chipmakers and other AI-related stocks rallied on Thursday, leading the broader market higher. Also, Thursday’s -2% plunge in WTI crude oil sparked a rally in airline stocks and cruise line operators. However, software stocks retreated on Thursday, led by an -8% slump in Oracle after it reported higher-than-expected capital expenses, driven by increased data spending.
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Stocks raced to their highs Thursday afternoon when President Trump said he canceled planned military strikes against Iran, citing "discussions" with Iranian leadership. He added that a "time and place of the signing" of a negotiated end to the war would "be announced shortly," and the US naval blockade of the Strait of Hormuz "will remain in full force and effect until this transaction is finalized."
Stocks were initially weighed down on Thursday amid concerns about the escalation of Middle East hostilities after President Trump said the US will be hitting Iran very hard tonight and will "at some point" take control of Kharg Island, Iran's key export hub, thus taking control of Iran's oil and gas markets.
Stocks were also pressured by Thursday’s US economic reports, which showed that weekly US jobless claims unexpectedly rose to a 4-month high and that May producer prices were mixed.
Late Wednesday, President Trump said the US will continue bombing Iran if it refuses to agree to an interim peace deal. Mr. Trump ordered multiple strikes on Iranian targets on Wednesday, and Iran retaliated by firing on US bases in Kuwait, Bahrain, and Jordan. The increase in tensions risks derailing peace talks between Iran and the US, thus keeping the Strait of Hormuz closed, and further tightening global energy supplies.
US weekly initial unemployment claims unexpectedly rose +4,000 to a 4-month high of 229,000, showing a weaker labor market than expectations of a decline to 220,000.
US May PPI final demand rose +1.1% m/m and +6.5% y/y, stronger than expectations of +0.7% m/m and +6.4% y/y, with the +6.5% y/y gain being the largest year-on-year increase in 3.5 years. However, May PI ex food and energy rose +0.4% m/m and +4.9% y/y, weaker than expectations of +0.5% m/m and +5.4% y/y.
WTI crude oil prices (CLN26) are extremely volatile, whipsawing higher and lower several times on Thursday. Crude prices today initially gave up an overnight advance of more than +2% and fell more than -2% after President Trump said he canceled planned strikes on Iran and that a peace deal to end the war was imminent. Crude prices initially rallied more than +2% on Thursday when President Trump said the US would keep attacking Iran and threatened to seize the Kharg Island oil terminal, Iran’s main crude exporting hub.
The markets are discounting a 0% chance of a +25 bp rate hike at the next FOMC meeting on June 16-17.
Overseas stock markets settled mixed on Thursday. The Euro Stoxx 50 closed up +0.78%. China's Shanghai Composite closed down -0.16%. Japan's Nikkei Stock Average recovered from a 2.5-week low and closed up +0.06%.
Interest Rates
September 10-year T-notes (ZNU6) on Thursday closed up +17 ticks, and the 10-year T-note yield fell -9.3 bp to 4.459%. T-notes rallied on Thursday after US weekly jobless claims unexpectedly rose to a 4-month high and May producer prices ex-food and energy rose less than expected, dovish factors for Fed policy. T-notes also garnered support on Thursday from the -2% fall in WTI crude oil prices, which lowered inflation expectations. The 10-year breakeven inflation rate fell to a 2.5-month low of 2.303% on Thursday.
Gains in T-notes were limited after stocks rallied sharply, which curbed safe-haven demand for government debt securities. Also, slack demand for the Treasury’s $22 billion auction of 30-year T-bonds was negative for T-notes, as the auction had a bid-to-cover ratio of 2.33, below the 10-auction average of 2.39.
European government bond yields moved lower on Thursday. The 10-year German Bund yield fell from a 2.5-week high of 3.091% and finished down -4.5 bp to 3.032%. The 10-year UK gilt yield fell -2.6 bp to 4.905%.
The ECB, as expected, raised the deposit facility rate by +25 bp to 2.25% from 2.00% and said, "The outlook remains uncertain, with upside risks for inflation and downside risks for economic growth."
The ECB cut its 2026 Eurozone GDP estimate to +0.8% from a previous estimate of +0.9% and raised its 2026 Eurozone inflation ex-food and energy forecast to +2.5% from a previous forecast of +2.3%.
Swaps are discounting a 62% chance of a +25 bp ECB rate hike at its next policy meeting on July 23.
US Stock Movers
Chipmakers and AI-infrastructure stocks rallied sharply on Thursday amid signs that AI spending is continuing after Oracle reported quarterly capital expenditures that were higher than expected, driven by increased data center spending. Sandisk (SNDK) closed up more than +14% to lead gainers in the S&P 500 and Nasdaq 100, and KLA Corp (KLAC) closed up more than +13%. Also, Lam Research (LRCX) closed up more than +12%, and Applied Materials (AMAT), ARM Holdings Plc (ARM), Marvell Technology (MRVL), and Micron Technology (MU) closed up more than +11%. In addition, Intel (INTC) and ASML Holding NV (ASML) closed up more than +9%, and Advanced Micro Devices (AMD) and Western Digital (WDC) closed up more than +7%. Finally, Seagate Technology Holdings Plc (STX), NXP Semiconductors NV (NXPI), and Qualcomm (QCOM) closed up more than +6%, and Microchip Technology (MCHP) and Texas Instruments (TXN) closed up more than +5%.
Airline stocks and cruise line operators moved sharply higher on Thursday after WTI crude oil fell more than -2%, lowering fuel costs and boosting the companies’ profitability prospects. Alaska Air Group (ALK) closed up more than +11%, and United Airlines Holdings (UAL) and American Airlines Group (AAL) closed up more than +9%. Also, Carnival (CCL) closed up more than +8%, and Southwest Airlines (LUV) and Royal Caribbean Cruises (RCL) closed up more than +7%. In addition, Norwegian Cruise Line Holdings (NCLH) and Delta Air Lines (DAL) closed up more than +6%.
Cryptocurrency-exposed stocks moved higher on Thursday as Bitcoin (^BTCUSD) rose more than +3%. Galaxy Digital Holdings (GLXY) closed up more than +10%, and Riot Platforms (RIOT) closed up more than +8%. Also, MARA Holdings (MARA) closed up more than +7%, Coinbase Global (COIN) closed up more than +4%, and Strategy (MSTR) closed up more than +3%.
Software stocks are under pressure today, limiting gains in the overall market, with Oracle (ORCL) down more than -8% to lead losers in the S&P 500 after forecasting full-year capital spending of $70 billion, $20-25 billion higher than expected due to prepayment for some components. Also, Autodesk (ADSK) closed down more than -7% to lead losers in the Nasdaq 100, and Adobe Systems (ADBE) closed down more than -6%. In addition, Workday (WDAY) closed down more than -5%, and Salesforce (CRM) closed down more than -2% to lead losers in the Dow Jones Industrials. Finally, ServiceNow (NOW), Atlassian Corp (TEAM), and Intuit (INTU) closed down more than -2%, and Microsoft (MSFT) closed down more than -1%.
Energy stocks and service providers slumped on Thursday after WTI crude oil fell more than -2%. Devon Energy (DVN) closed down more than -4%, and ConocoPhillips (COP) and APA Corp (APA) closed down more than -3%. Also, Chevron (CVX), Diamondback Energy (FANG), Exxon Mobil (XOM), and Occidental Petroleum (OXY) closed down more than -2%.
Voyager Technologies (VOYG) closed up more than +16% after BTIG initiated coverage on the stock with a buy recommendation and a price target of $55.
Navan (NAVN) closed up more than +9% after raising its full-year revenue forecast to $907 million-$913 million from a previous estimate of $866 million-$874 million, well above the consensus of $871.7 million.
Eaton Corp Plc (ETN) closed up more than +5% after agreeing to merge its mobility business with Dana Inc in a deal valuing the combined company at roughly $10 billion, including debt.
Allegion Plc (ALLE) closed up more than +3% after Longbow Research upgraded the stock to buy from neutral with a price target of $165.
Earnings Reports(6/12/2026)
America's Car-Mart Inc/TX (CRMT), Atlantic International Corp (ATLN), Friedman Industries Inc (FRD), Liberty Live Holdings Inc (LLYVA), Pioneer Bancorp Inc/NY (PBFS), Richtech Robotics Inc (RR), Seneca Foods Corp (SENEB), Whitestone REIT (WSR).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Settle Sharply Higher on Middle East Peace Hopes

Key Points
Oil prices have spiked this year due to the war with Iran.
While oil prices could fall when the Strait of Hormuz reopens, Shell's CEP believes that rising demand should push them higher over the next five to 10 years.
Oil companies that invest in oil exploration now should benefit from rising demand and prices.
Oil prices have surged this year amid the conflict with Iran. Brent oil, the global benchmark price, has risen more than 50%, jumping from around $60 a barrel to more than $90. On a positive note, Brent is currently well below its peak of nearly $120 a barrel, reached in the early days of the war. Crude has cooled off amid hopes that the U.S. and Iran will reach a peace deal that includes reopening the Strait of Hormuz.
Many people outside the oil industry believe oil prices will decline rapidly once the Strait reopens and remain low in the coming years. However, the CEO of global oil giant Shell (NYSE:SHEL) has a different view. He expects oil prices to continue rising long after the war ends. Here’s why and what that means for oil stocks.
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Image source: Getty Images.
Upside pressure over the longer term
Shell’s CEO, Wael Sawan, believes oil and gas prices will keep rising well after the current Middle East conflict ends. That’s largely due to the expectation that global oil demand will continue to grow. As a result, oil companies will need to continue developing new supplies to offset production declines and depletions in legacy oil fields.
That poses a problem. Sawan told attendees at the Wall Street Journal Leadership Institute CEO Summit that while the oil industry can currently meet global demand (once the Strait reopens), it will be more challenging going forward. That’s because “all the easy oil and gas has been found.” As a result, oil companies will need to pursue resources that are currently uneconomic to explore and develop. Prices will need to rise to make it profitable to tap into the resources the economy will need in the future. That drives his view that “prices are going to move up, [which is] the story of five to 10 years [ahead].”
The importance of exploration
Shell is already investing money to help support future demand growth. The company aims to add 1 million barrels of oil equivalent (BOE) per day to its output by 2030 through the commissioning of new projects. Additionally, it’s looking at future opportunities to expand its output. For example, the company acquired acreage in Angola and South Africa to explore for new resources. It’s also evaluating opportunities in Kuwait and Venezuela. These investments will enable Shell to meet future global supply needs and capitalize on rising prices.
Most other major oil companies are also investing to find and develop future supply. For example, last August, ExxonMobil (NYSE:XOM) acquired a large block offshore Trinidad and Tobago (UD1). It’s next to the company’s Stabroek block in Guyana, where it made 30 discoveries totaling 11 billion BOE. ExxonMobil recently sold a 10% interest in UD1 to Occidental Petroleum (NYSE:OXY), which will now help fund its portion of the exploration and development costs. Exxon initially plans to invest $42 million in seismic testing and exploration wells, which could pave the way for nearly $22 billion in future investment to develop the field. UD1 could be a major growth driver for these oil companies, enabling them to capitalize on rising demand and prices.
Meanwhile, Occidental, along with partners Chevron and Woodside Energy, recently made an oil discovery at their Bandit prospect in the Gulf of Mexico (also known as the Gulf of America in the U.S.). Bandit is near another Occidental-operated facility, which it could tie into in support of its future development. Occidental also signed a 15-year extension of an agreement in Oman last year to tap a potential resource of more than 800 million barrels. These moves will further enhance Occidental’s ability to capitalize on the growth ahead in the oil industry.
Oil could be much higher in the future
Oil prices could fall in the near term once the Strait of Hormuz reopens. However, Shell’s CEO sees them rising over the longer term, due to growing demand. That bodes well for oil companies actively exploring for new resources, as it will give them the fuel to grow production and capitalize on higher future prices. This outlook makes oil stocks look like a compelling long-term investment.
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Matt DiLallo has positions in Chevron. The Motley Fool has positions in and recommends Chevron. The Motley Fool recommends Occidental Petroleum. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Shell’s CEO Warns That Oil Prices Will Continue Rising Long After the War Ends. Here’s What That Means for Oil Stocks.

Chevron Corporation’s CVX 50% stake in Tengizchevroil (TCO), which operates the giant Tengiz and Korolev oil fields in Kazakhstan, is one of the company’s most valuable international upstream investments. TCO is a key contributor to Chevron’s reserve base, with Kazakhstan accounting for nearly 11% of the company’s proved reserves. The asset recently entered a new growth phase following the completion of the Future Growth Project (FGP) and Wellhead Pressure Management Project in 2025.
The FGP increased Tengiz crude production capacity by approximately 260,000 barrels per day, lifting total gross production capacity to around 1 million barrels of oil equivalent per day (BOE/d). This expansion has become a major driver of Chevron’s production growth, contributing significantly to the company’s 2025 output increase and expected growth in 2026. Management views TCO as a cornerstone asset supporting long-term production and free cash flow growth through 2030.
TCO is also transitioning from a capital-intensive project to a cash-generating asset. Chevron has provided substantial financing for its expansion and received a $1 billion loan repayment in the first quarter of 2026. It also expects additional repayments during the year, further boosting cash flow.
Although higher depreciation expenses and weaker commodity realizations temporarily pressured earnings in 2025, TCO’s long-term value proposition remains strong. The project provides large-scale, low-cost production growth, high-margin barrels, rising free cash flow and meaningful capital returns. As a result, TCO is expected to be one of Chevron’s largest contributors to cash generation and shareholder value creation over the remainder of the decade.
Other Oil Majors Operating in Kazakhstan
Exxon Mobil Corporation XOM is a major international investor in Kazakhstan’s energy industry, playing a key role in the development of the country’s vast oil and gas resources. Through its local subsidiaries, including ExxonMobil Kazakhstan Inc., the company collaborates closely with the Kazakh government and national oil company, KazMunayGas, to advance exploration, production and transportation activities. A cornerstone of ExxonMobil’s presence in the country is its 25% stake in the TCO joint venture, which operates the world-class Tengiz oil field located along the northeastern coast of the Caspian Sea, one of Kazakhstan’s most significant energy assets.
TotalEnergies SE TTE has established a strong presence in Kazakhstan through a balanced energy strategy that combines large-scale oil and gas operations with growing investments in renewable energy. The company is a key contributor to the nation’s hydrocarbon production and supports Kazakhstan’s position as a major global energy supplier. TotalEnergies owns a 16.81% interest in the North Caspian Project’s Kashagan field, one of the world’s largest offshore oil developments in the Caspian Sea. At the same time, TTE is advancing Kazakhstan’s energy transition through the Mirny Project, a major renewable energy initiative aligned with the country’s 2060 net-zero emissions target.
CVX’s Price Performance, Valuation & Estimates
Shares of Chevron have gained 26% in the past six months compared with the Oil/Energy sector’s growth of 20.6%.
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The Zacks Consensus Estimate for CVX’s 2026 earnings is pegged at $15.74 per share, indicating 115.9% year-over-year growth. The positive earnings estimate outlook makes the stock attractive for investors.
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From a valuation perspective — in terms of forward price-to-earnings ratio — Chevron is trading at a premium compared with the industry average.
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The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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How Investment in TCO Is Powering Chevron's Next Wave of Cash Growth

Exxon Mobil Corporation XOM is an integrated energy giant, but generates the bulk of its earnings from the upstream operations. With a strong presence in the prolific Permian Basin and offshore Guyana resources, its top and bottom lines are highly vulnerable to fluctuations in oil and natural gas prices.
But investors should not worry much about this vulnerability since ExxonMobil has a strong balance sheet. With a debt-to-capitalization of 15.44%, the integrated energy giant has significantly lower exposure to debt capital. Thus, unlike many other energy companies, ExxonMobil can rely on its strong balance sheet when oil and natural gas prices turn low, and the business scenario becomes unfavorable.
With lower exposure to debt capital, XOM can secure additional debt on favorable terms during uncertain situations, allowing it to operate smoothly, pursue lucrative acquisitions and continue rewarding shareholders.
CVX & EOG Also Have Low Debt Load
Chevron Corporation CVX and EOG Resources Inc. EOG, both having robust balance sheets, can also sail through an unfavorable business environment due to their strong financials. While CVX has a debt-to-capitalization of 19.35%, EOG’s debt-to-capitalization stands at 20.42%.
XOM’s Price Performance, Valuation & Estimates
Shares of XOM have gained 37.2% over the past year compared with the 35.3% improvement of the industry.
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From a valuation standpoint, XOM trades at a trailing 12-month enterprise value to EBITDA of 9.97X. This is above the broader industry average of 6.40X.
The Zacks Consensus Estimate for XOM’s 2026 earnings has seen upward revisions over the past 30 days.
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ExxonMobil currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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How XOM Navigates Business Uncertainty Better Than Many Peers

West Texas Intermediate (“WTI”) crude is trading at more than $85 per barrel. The high price is being backed by ongoing tensions in the Middle East. The U.S. Energy Information Administration (“EIA”) in its latest short-term energy outlook projected WTI at $88.32 per barrel this year, higher than $65.40 last year. A highly favorable pricing environment for the commodity is likely to continue supporting BP plc's BP exploration and production activities, which generate a significant proportion of its earnings.
The British energy major’s production outlook seems bright, thanks to major discoveries. On its latestearnings call BP mentioned that since the beginning of 2025, it has made 14 discoveries. BP said Bumerangue appears to be a very large oil discovery, estimated at around 8 billion barrels in place, though further appraisal work is needed to determine how much can actually be extracted and commercialized.
Given the prevailing high crude pricing environment and key discoveries, the British energy giant’s overall upstream business outlook, both in the near and long terms, seems highly encouraging.
Will XOM & COP Also Gain From High Oil Prices?
Like BP, Exxon Mobil Corporation XOM and ConocoPhillips COP will benefit from the ongoing strength in oil prices. Let’s delve a little deeper.
With COP generating a significant proportion of revenues from crude oil, the high price of the commodity is extremely favorable for the leading oil and gas exploration and production company, much like other energy giants such as XOM and BP.
The upstream energy giant also has low-cost drilling opportunities across Permian, Eagle Ford and Bakken that could be successfully developed over two decades. Thus, the outlook for ConocoPhillips’ upstream operations looks highly profitable.
To provide a glimpse of ExxonMobil’s upstream assets, the company has a massive footprint in the Permian, the most prolific oil and gas play in the United States, and offshore Guyana. Hence, XOM is also well-positioned to capitalize on the ongoing high commodity prices.
BP’s Price Performance, Valuation & Estimates
Shares of BP have gained 38.9% over the past year, surpassing the industry’s 35.4% growth.
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From a valuation standpoint, BP trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 3.20X. This is below the broader industry average of 6.40X.
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The Zacks Consensus Estimate for BP’s 2026 earnings has seen upward revisions over the past 30 days.
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BP currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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How Elevated Oil Prices are Boosting BP's Energy Business

Cenovus Energy Inc. CVE is a leading Canadian integrated energy company with a diversified asset portfolio spanning oil sands, conventional oil and gas assets, offshore operations and refining facilities across Canada and the United States. CVE’s upstream operations generate the majority of its revenues by extracting crude oil, natural gas liquids and natural gas. The integrated giant’s downstream business generates revenues by refining these resources into petroleum products like gasoline and diesel.
Cenovus generates enough revenues to return capital to its shareholders through dividends and share buybacks. In the first quarter of 2026, CVE increased its quarterly base dividend by 10% to 22 cents per share, marking six consecutive years of dividend growth. During the same period, the company returned approximately $1.0 billion to its shareholders through dividends, share buybacks and preferred share redemptions. Since 2021, Cenovus has repurchased about 13% of its outstanding shares.
Cenovus plans to boost its future cash flows through several high-return growth projects. Key initiatives include the Christina Lake North expansion, the West White Rose offshore project, the Foster Creek optimization project and the Sunrise expansion. These projects are expected to boost production, cash flow and shareholder returns over the long term.
XOM & CVX Focus on Returning Capital to Its Shareholders
Exxon Mobil Corporation XOM and Chevron Corporation CVX are other integrated giants that generate enough revenues to return capital to their shareholders.
ExxonMobil distributed $9.2 billion to shareholders, including $4.3 billion in dividends and $4.9 billion through stock repurchases. This strong capital return program keeps XOM on pace with its plan to repurchase $20 billion of shares in 2026.
Chevron rewarded shareholders with a total of $27.1 billion through 2025, including $12.1 billion in share repurchases and $2.2 billion related to the acquisitions of Hess Corporation. This strong shareholder return program marked the company's 38th consecutive year of annual dividend increases. Continuing this trend into early 2026, CVX paid out $3.5 billion in common stock dividends and repurchased $2.5 billion worth of shares during the first quarter.
CVE’s Price Performance, Valuation & Estimates
Cenovus shares have gained 96.7% over the past year compared with 66.7% growth of the industry.
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From a valuation standpoint, CVE trades at a trailing 12-month enterprise-value-to-EBITDA (EV/EBITDA) of 7.03X. This is below the broader industry average of 7.21X.
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The Zacks Consensus Estimate for CVE’s 2026 earnings has remained constant over the past seven days.
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CVE currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."
Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.7% per year. So be sure to give these hand picked 7 your immediate attention.
See them now >>
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Is CVE Positioned to Maintain Its Consistent Shareholders Returns?

The S&P 500 Index ($SPX) (SPY) on Wednesday closed down -1.62%, the Dow Jones Industrial Average ($DOWI) (DIA) closed down -1.87%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -1.98%. June E-mini S&P futures (ESM26) fell -1.62%, and June E-mini Nasdaq futures (NQM26) fell -2.07%.
Stock indexes sold off sharply on Wednesday, with the Dow Jones Industrials falling to a 2.5-week low. Rising geopolitical tensions in the Middle East lifted crude oil prices by more than +2% on Wednesday, sparking losses in stocks and bonds. Chipmakers, AI-infrastructure stocks, and the Magnificent Seven technology stocks all retreated on Wednesday, pressuring the overall market. Also, rising crude oil prices weighed on airline stocks, and trucking companies fell after Amazon expanded its LTL freight offering to all destinations in the US, including third-party warehouses, distribution centers, and retail partners.
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Stocks extended losses and crude oil prices added to gains on Wednesday when President Trump pledged to strike Iran again after accusing the country of delaying talks on an interim peace deal. Mr. Trump declined to say what targets US forces would hit but said: "We hit them hard yesterday, and we're going to hit them hard again today."
Stocks found some support on Wednesday after US May consumer prices came in as expected, easing inflation concerns. Also, sharp gains in crude oil prices on Wednesday lifted energy producers.
US May CPI rose +4.2% y/y, right on expectations and the fastest pace of increase in 3 years. May core CPI rose +2.9% y/y, right on expectations, and the fastest pace of increase in 7 months.
US MBA mortgage applications rose +10.8% in the week ended June 5, with the purchase mortgage sub-index up +7.3% and the refinancing mortgage sub-index up +15.3%. The average 30-year fixed rate mortgage rose +3 bp to 6.60% from 6.57% in the prior week.
WTI crude oil prices (CLN26) soared more than +2% on Wednesday after the US and Iran exchanged strikes overnight. The US said it had completed an operation that saw fighter jets strike Iranian air defenses, ground control stations, and radar sites near the Strait of Hormuz in retaliation for Iran shooting down a US Apache helicopter. In response, Iran launched missiles at four US military targets and fired drones at the main US naval base in the Middle East, located in Bahrain, and struck Ali Al Salem air base in Kuwait. The increase in tensions risks derailing peace talks between Iran and the US, keeping the Strait of Hormuz closed, and further tightening global energy supplies.
The markets are discounting a 3% chance of a +25 bp rate hike at the next FOMC meeting on June 16-17.
Overseas stock markets settled lower on Wednesday. The Euro Stoxx 50 fell to a 2.5-week low and closed down -0.66%. China's Shanghai Composite closed down -0.42%. Japan's Nikkei Stock Average closed down -1.89%.
Interest Rates
September 10-year T-notes (ZNU6) on Wednesday closed down -2.5 ticks, and the 10-year T-note yield rose +2.3 bp to 4.540%. T-notes were under pressure on Wednesday after WTI crude oil prices surged more than +2%, which raised inflation expectations. Losses in T-notes were limited after the US May CPI report rose as expected, easing inflation concerns. Also, strong demand for the Treasury’s $39 billion auction of 10-year T-notes was positive for T-notes, as the auction had a bid-to-cover ratio of 2.57, well above the 10-auction average of 2.47.
European government bond yields moved higher on Wednesday. The 10-year German Bund yield climbed to a 2.5-week high of 3.088% and finished up +3.4 bp to 3.076%. The 10-year UK gilt yield rose +2.8 bp to 4.931%.
Swaps are discounting a 99% chance of a +25 bp ECB rate hike at its next policy meeting on Thursday.
US Stock Movers
Chipmakers and AI-infrastructure stocks moved lower on Wednesday and led the broader market lower. ON Semiconductor (ON) and Qualcomm (QCOM) closed down more than -6%, and Marvell Technology (MRVL), ARM Holdings Plc (ARM), and Western Digital (WDC) closed down more than -5%. Also, Broadcom (AVGO), Advanced Micro Devices (AMD), and Micron Technology (MU) closed down more than -4%, and NXP Semiconductors NV (NXPI), Microchip Technology (MCHP), and Seagate Technology Holdings Plc (STX) closed down more than -3%.
Most of the Magnificent Seven technology stocks settled lower on Wednesday, weighing on the overall market. Nvidia (NVDA) and Tesla (TSLA) closed down more than -3%, and Alphabet (GOOGL), Amazon.com (AMZN), and Meta Platforms (META) closed down more than -2%. Also, Microsoft (MSFT) closed down more than -1%. However, Apple (AAPL) bucked the trend, closing up 0.35%.
Airline stocks and cruise line operators sold off on Wednesday as WTI crude oil rose more than 2%, boosting fuel costs and dampening the companies’ profitability prospects. Alaska Air Group (ALK) closed down more than -7%, and United Airlines Holdings (UAL), Carnival (CCL), and Norwegian Cruise Line Holdings (NCLH) closed down more than -6%. Also, Delta Air Lines (DAL) and Royal Caribbean Cruises (RCL) closed down more than -5%, and American Airlines Group (AAL) and Southwest Airlines (LUV) closed down more than -4%.
Trucking companies were under pressure on Wednesday after Amazon expanded its LTL freight offering to all destinations in the US, including third-party warehouses, distribution centers, and retail partners. FedEx Freight Holding Co (FDXF) closed down more than -6%, and Old Dominion Freight Line (ODFL) and XPO Inc (XPO) closed down more than -5%. Also, ArcBest (ARCB) closed down more than -4%, and Saia Inc (SAIA) and CH Robinson Worldwide (CHRW) closed down more than -3%. In addition, JB Hunt Transport Services (JBHT) closed down more than -2%.
Energy producers and service providers moved higher on Wednesday as WTI crude oil rose more than +2%. Devon Energy (DVN) closed up more than +5%, and APA Corp (APA) closed up more than +3%. Also, ConocoPhillips (COP) closed up more than +2%, and Marathon Petroleum (MPC), Phillips 66 (PSX), Chevron (CVX), Diamondback Energy (FANG), Exxon Mobil (XOM), and Valero Energy (VLO) closed up more than +1%.
Super Micro Computer (SMCI) closed down more than -27% to lead losers in the S&P 500 after saying it plans $7 billion in equity and equity-linked financing transactions to fund component purchases.
Dianthus Therapeutics (DNTH) closed down more than -9% after peer developer Sanofi halted a late-stage trial of an experimental therapy for a rare autoimmune disorder, citing efficacy concerns.
Summit Therapeutics (SMMT) closed down more than -8% after announcing it had commenced an underwritten public offering of $500 million of shares of its common stock.
Cracker Barrel Old Country Store (CBRL) closed up more than +22% after raising its full-year revenue forecast to $3.27 billion to $3.30 billion from a previous estimate of $3.24 billion to $3.27 billion, stronger than the consensus of $3.25 billion.
Casey’s General Stores (CASY) closed up more than +20% to lead gainers in the S&P 500 after reporting Q4 revenue of $4.57 billion, above the consensus of $4.32 billion.
Live Nation Entertainment (LYV) rose more than +2% after Morgan Stanley raised its price target on the stock to $200 from $185, saying concerns around the impact of regulation on resale ticket pricing are overstated.
Illumina (ILMN) closed up more than +1% after JPMorgan Chase upgraded the stock to overweight from neutral with a price target of $185.
Earnings Reports(6/11/2026)
Adobe Inc (ADBE), Lennar Corp (LEN), RH (RH).
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.