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CVX's Hess synergies are running ahead of plan, boosting free cash flow, per-share accretion and production growth prospects through 2030.
Oil has come alive again in 2026. Brent crude spiked to $138 per barrel on April 7 during the Strait of Hormuz disruption, retraced to the high $60s in early July, and now sits near $89.
Chevron's Q2 beat, record production, Hess synergies and strong cash flow boost momentum, but commodity risks and maintenance may test the rally.
The Strait of Hormuz is one of the world's biggest energy vulnerabilities.
With options premiums still elevated due to the military conflict in the Gulf, selling puts on an energy major posting record free cash flow offers a rare opportunity.
$12.1 billion. That was Chevron's reported net income in its latest quarter, far above the $2.5 billion it reported in the same period last year.
Chevron (NYSE:CVX | CVX Price Prediction) is having a standout year heading into the second half of 2026.
Volatility has been the theme of 2026. The VIX touched 31.05 in late March before settling back to a current reading of 15.86, and the 10-year Treasury yield sits at 4.70%, near the top of its 12-month range.
Phillips 66 shares fell 1.7% to $202.39 on Wednesday, its lowest point in three weeks. However, the company's stock has risen 57% since the start of the year, when it traded around $130 per share.
"They're going to give some of that back to the public, and they better cut the retail price," President Donald Trump says when asked about the profits of ExxonMobil and Chevron during remarks with reporters at the White House. -------- More on Bloomberg Television and Markets Like this video?
The two largest American oil companies just booked a combined $26.5 billion in second-quarter net income, their strongest showing in years, and the president is furious about it.