Chevron, Exxon, Shell and ConocoPhillips Hit Record Highs as Crude Rally Powers On Into Earnings

Top companies in the energy industry are soaring this year, with most of them trading to their all-time highs as crude oil prices surge ahead of the quarterly updates. ExxonMobil (NYSE:XOM)/a> jumped to $183.2, up by 46% this year, with its market capitalization hitting $753 billion.

Chevron (NYSE:CVX)/a> has soared by 42% this year, with its valuation hitting $460 billion. ConocoPhillips (NYSE:COP)/a> has risen by 50%, while Shell (NYSE:SHEL)/a> has jumped by over 42%. Other energy companies like Marathon Petroleum, Devon Energy, and BP have also rallied./p> figure class="wp-block-image size-large">img loading="lazy" decoding="async" width="1024" height="567" src="https://editorial.benzinga.com/wp-content/uploads/2026/10/XOM_2026-10-24_12-19-37-1024x567.png" alt="Chevron, Exxon, Shell, and ConocoPhillips YTD performance" class="wp-image-1701264" srcset="https://editorial.benzinga.com/wp-content/uploads/2026/10/XOM_2026-10-24_12-19-37-1024x567.png 1024w, https://editorial.benzinga.com/wp-content/uploads/2026/10/XOM_2026-10-24_12-19-37-300x166.png 300w, https://editorial.benzinga.com/wp-content/uploads/2026/10/XOM_2026-10-24_12-19-37-767x425.png 767w, https://editorial.benzinga.com/wp-content/uploads/2026/10/XOM_2026-10-24_12-19-37-1536x851.png 1536w, https://editorial.benzinga.com/wp-content/uploads/2026/10/XOM_2026-10-24_12-19-37-2048x1134.png 2048w" sizes="auto, (max-width: 1024px) 100vw, 1024px" />figcaption class="wp-element-caption">Chevron, Exxon, Shell, and ConocoPhillips YTD performance | Source: TradingView/figcaption>

Big Oil Has Jumped as Brent and WTI Prices Soar

Top companies in the energy industry like Chevron, ExxonMobil, Shell, and ConocoPhillips have soared this year because of the ongoing US-Iran, Saudi Arabia-Houthi, and Russia-Ukraine wars.

President Donald Trump is considering launching another round of attacks against Iran. This time, he will likely target the Pickaxe Mountain, Kharg Island, and other Iranian energy infrastructure.

Iran has warned that any such attack will lead to a major response targeting fibre cables passing through the Strait of Hormuz. It has also warned that it will attack energy infrastructure of neighbouring countries like Saudi Arabia and the United Arab Emirates.

Saudi Arabia and the Houthis have also continued trading attacks, while Ukraine is targeting Russia’s energy infrastructure as the "energy ceasefire" falters.

These factors have pushed oil prices higher, with Brent and the West Texas Intermediate (WTI) rising to $117.4 and $103, respectively. As a result, the companies will continue announcing strong earnings numbers this year./p> div class="bz-read-next-block" data-variant="card" data-news-mode="manual" >

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Big Oil Earnings Expected to Soar

Oil companies have emerged as the biggest beneficiaries of the geopolitical tensions. The energy sector is the best performer in the S&P 500, up 45% this year, followed by industrials and technology, which have gained 38% and 21%, respectively.

These companies are expected to publish strong earnings. Benzinga data shows that ExxonMobil’s revenues rose by 24.3% in the third quarter to $106.02 billion, with its earnings-per-share hitting $4.03.

Chevron’s revenue is expected to come in at $61.65 billion, up by 24% from the year earlier, while Shell’s figure will hit $100.8 billion, up by 48%. ConocoPhillips's revenue is expected to jump by 22% to $18.94 billion.

These companies are also expected to boost their shareholder returns. In July, Shell launched a new $3 billion buyback as its profits soared. Chevron, Exxon, and Conoco also boosted their payouts to investors. /p> div class="bz-read-next-block" data-variant="card" data-news-mode="manual" >

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