If you listened to the earnings calls of the two largest U.S. oil companies on Oct. 30, one thing you did not hear from any executive was regret. Regret at how much money that ExxonMobil (XOM) and Chevron (CVX) are making. Regret that they will continue to make a lot of money at least into 2027. The chief executives of both oil giants would prefer to see the war between the United States, Israel and Iran come to an end. They know the war has been disruptive for everyone who lives on or near the Persian Gulf. It’s disrupted the global economy. It’s been disruptive for the companies, but both made bets years ago on where to invest next. Those investments are coming in, and investors know. Exxon shares have risen 55.6% to $187.25 this year, including a 2.2% gain on Oct. 30, despite an ugly tech-driven market rout. Chevron was also higher on the day: 1.8% to $235.52. The shares are up 54.5% in 2026. Both stocks have outperformed such big-time tech stocks as Apple (AAPL), Alphabet (GOOGL), Meta Platforms (META), Microsoft (MSFT) and (Yes, a gasp might be in order) Nvidia (NVIDIA). Still, the recovery from the havoc caused by the war will take time when the Middle East war ends, Exxon CEO Darren Woods and Chevron CEO Mike Wirth conceded. Because both Woods and Wirth have been around long enough to know the oil business is cyclical, and busts are regular occurrences. In the meantime, there is no denying Exxon and Chevron did report big numbers: Exxon reported earnings of $4.23 a share on revenue of $113.2 billion. Earnings were up 111% from a year ago. Revenue jumped 35%. Chevron earned $5.06 a share, up 178% from a year ago. Revenue jumped 39% to $67.8 billion. Both, obviously, are benefitting from oil prices. But adding to the bottom line: Huge gains in diesel prices. The price of diesel, currently about $6.32 per gallon, is up 78% in 2026, according to AAA Fuel Prices. Coupled with a 3.5% increase in diesel yield from 2019, and in the refining process, and the result was about $1.5 billion added to Exxon’s margin, Chief Financial Officer Neil Hanson said on the oil giant’s earnings call. Regular gasoline is up about 48% in the past year as well. Utilization at Exxon’s U.S. Gulf Coast refineries was at 100%, the Associated Press noted, and U.S. Gulf Coast diesel production was at the second-highest on record. They didn’t offer specific earnings estimates going forward; those will come later this fall. : Risk of more Mideast war boosts oil, threatens your wallet Crude-oil tanker in the Mississippi River at New Orleans. Nirian / Getty Images Exxon: Expect more growth from Guyana, the Permian Basin Exxon’s huge find in off the northern coast of South America will be a key component to its future. The Guyana fields already are producing 1 million barrels of oil a day, amazing since 15 years ago few thought there was any oil potential in that region. It’s building out a huge investment in Kazakhstan, and has a large stake in oil deposits in the Permian Basin in West Texas and New Mexico. It is also investing in natural gas resources in Mozambique. Exxon continues to be confident in its capabilities. The company recently boosted its quarterly dividend 4% to $1.07 a share. It’s raised the dividend for 44 straight years. More Economy: Goldman Sachs rethinks U.S. economy as interest rates stay higher Heating bills expected to jump by $1,000 in some U.S. states this winter How stocks will react when the catalysts are few Chevron: Venezuela interest is growing Chevron was unique in deciding to maintain a presence in Venezuela as the late Hugo Chavez nationalized the energy assets of most American oil companies. After the United States seized then-Venezuelan president Nicolas Maduro in January. Chevron began to think about doing more with its stake. CEO Wirth said the company and its partners will spend $7 billion to double production of Venezuelan oil to 600,000 barrels a day. Most of the oil will be shipped to refineries in Pascagoula, Miss., and Beaumont, Tex. But on the Oct. 30 earnings call, CEO Wirth said Chevron has decided to use some of the cash reaped in recent years to explore for more oil and gas around the world. The company had been content to stick close to the United States, but the Iran war revealed for many the need to find and develop new oil and gas deposits. One early effort seems to be paying off. Chevron recently announced a new oil and natural gas discovery in Angola in southern Africa. Related: Exxon Mobil’s future rests on massive play (it isn’t Venezuela)
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