ExxonMobil Climbs To All-Time High, Chevron Attempts A Rebound: What's Driving Oil Stocks Today?

Exxon Mobil Corp. XOM and Chevron Corp. CVX, the two largest oil corporations in the U.S. by market capitalization, are showing better-than expected earnings per share (EPS) and revenues, although the top lines softened from the preceding quarter. 

• Exxon shares were up 1.8%, hitting a $119.9 high intraday and breaking the record high of $119.6 set on Feb. 10. 
• Chevron shares were broadly flat, beginning with a gap down but trying a rebound throughout the session.

The Energy Select Sector SPDR Fund XLE, was 1% higher on Friday. 

Chart To Watch: XOM and CVX Stock Prices Trade As If Oil Prices Were Above $100

Exxon's Q1 Results

• ExxonMobil announced EPS of $2.83 for the fiscal quarter ended March 2023, better than the expected $2.60 but down from $3.40 reported in Q4 2022. Revenues were $86.56 billion last quarter, up from $82.66 billion projected but down from $87.73 billion in Q4 2022.
• The company experienced a continued strength in energy prices and refining margins throughout the quarter.
• "We are growing value by increasing production from our advantaged assets to meet global demand," Exxon's CEO Darren Woods said.
• Upstream segment earnings soared from $4.49 billion to to $6.46 billion on the year. Production rose to 3.83 million oil-equivalent barrels a day from 3.68 million in the 2022 quarter, above analysts' expectations of 3.79 million.
• Energy product operations recorded a profit of $4.18 billion following a loss of $196 million.
• On an annual basis, total costs dropped from $81.94 billion last year to $69.76 billion. Capital and exploration expenditures came in at $6.38 billion versus $4.9 billion the year before. 

Chevron's Q1 Results

• For the fiscal quarter that ended in March 2023, Chevron reported $3.55 in EPS. The number exceeded consensus predictions of $3.38 and was higher than the previous quarter $3.36.
• Revenues were $50.79 billion last quarter, up from $48.95 billion predicted but down from $52.31 billion in Q4 2022. 
• "We're delivering strong financial results and increasing cash returned to shareholders," Chevron's CEO Mike Wirth said. "At the same time, we're investing more to help grow future energy supplies."
• Chevron's upstream earnings fell from $6.93 billion in the 2022 quarter to $5.16 billion, owing to reduced liquids and natural-gas realizations in the U.S. market. 
• Chevron's worldwide oil-equivalent output fell 3% to 2.98 million barrels per day, falling short of analysts' forecast of 3.02 million.
• Earnings in the downstream business increased from $331 million to $1.8 billion year-on-year, owing to greater margins on refined product sales. 
• On an annual basis, total costs declined from $45.32 billion to $41.27 billion. Capital and exploration expenditures increased 55% to $3 billion, owing to increased investment in the United States.

Next: Best Energy Stocks For The Week

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