Why ExxonMobil, Chevron, SLB, and Other Energy Stocks Climbed Today
Key Points
Renewed conflict in the Middle East is driving up energy prices.
Oil stocks could help investors safeguard their wealth.
- 10 stocks we like better than Occidental Petroleum ›
The U.S. and Iran exchanged strikes, sparking a flare-up in hostilities that threatens to prolong the conflict in the Middle East.
The news drove oil prices higher, with Brent crude topping $90 as traders weighed the risk of further strikes disrupting vital shipping lanes through the Strait of Hormuz.
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Many oil-related stocks rose in response, as investors sought shelter from the storm.
Here's how some of the leading energy stocks fared on Monday:
- SLB (NYSE: SLB), up 4.8%
- ExxonMobil (NYSE: XOM), up 2.7%
- Devon Energy (NYSE: DVN), 2.5%
- Chevron (NYSE: CVX), up 2.1%
- Occidental Petroleum (NYSE: OXY), up 1.8%
Image source: Getty Images.
Higher oil prices are likely to drive these companies' earnings higher
SLB offers a wide range of services to the energy industry, such as well construction, reservoir management, and equipment maintenance. SLB operates globally in over 120 countries.
ExxonMobil is the largest publicly traded oil major, with leading positions in exploration, production, and refining. Exxon has the expertise and financial strength to take on complex projects that are beyond the means of most other businesses.
Like Exxon, Chevron is one of the biggest and best-run integrated oil and gas companies in the world. Notably, Chevron has a strong presence in Venezuela, a market whose development is a key focus of the Trump administration.
Devon's prized acreage position in the Delaware Basin gives it some of the lowest break-even costs among U.S. shale operators. Devon's strong cash flow production, in turn, funds its bountiful dividends and share repurchases.
Occidental's stock is a favorite of Warren Buffett. Buffett's investment conglomerate, Berkshire Hathaway, first invested in the oil and gas producer in 2019. Occidental's valuable assets in the Permian Basin and robust free cash flow are major reasons why Berkshire still holds roughly $16 billion of its shares.
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Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Berkshire Hathaway and Chevron. The Motley Fool recommends Occidental Petroleum. The Motley Fool has a disclosure policy.
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