Key Highlights

  • Exxon Mobil (NYSE:XOM): USD 14.5 billion second-quarter earnings, USD 17.2 billion free cash flow, results due October 30, 2026.
  • Chevron (NYSE:CVX): USD 12.1 billion second-quarter earnings, USD 18.1 billion free cash flow, results due October 30, 2026.
  • ConocoPhillips (NYSE:COP): USD 2.0 billion second-quarter buyback, 36% higher realized prices, results expected November 5, 2026.
  • EOG Resources (NYSE:EOG): sub-USD 50 breakeven, USD 2.8 billion second-quarter free cash flow, results expected November 5, 2026.

Exxon Mobil (NYSE:XOM)

Exxon Mobil (NYSE:XOM) changed hands near USD 183.16 on October 26, 2026, with a market value near USD 753.12 billion, a trailing P/E of 23.57 and a 2.25% yield; second-quarter earnings were USD 14.5 billion. Adjusted upstream earnings rose to USD 9.19 billion from USD 6.27 billion in a quarter, and Permian output above 1.8 million barrels of oil equivalent a day adds volume on top of price. Energy products adjusted earnings of USD 4.10 billion compare with USD 2.80 billion in the first quarter, helped by record diesel production. Permian output is planned to grow at a 9% compound annual rate through 2030, and Kazakhstan operations had no disruptions in the second quarter. The risk for Exxon Mobil (NYSE:XOM) is a Middle East deal that pulls Brent from USD 114 toward the USD 87 or USD 64 paths JPMorgan outlines, plus USD 1.08 billion of second-quarter impairments. Third-quarter results arrive on October 30, 2026, and the fifth Guyana FPSO, worth 250,000 barrels a day of capacity, is due in the fourth quarter for Exxon Mobil (NYSE:XOM).

Chevron (NYSE:CVX)

Chevron (NYSE:CVX) traded near USD 232.94 on October 26, 2026, with a market value of about USD 460.24 billion, a 22.33 trailing P/E and a 3.02% yield; second-quarter earnings were USD 12.1 billion. International liquids realized USD 96.41 a barrel against USD 58.88 a year earlier, and free cash flow of USD 18.1 billion funded USD 3.1 billion of buybacks and a record USD 8.4 billion debt cut. Cash flow from operations was USD 22.6 billion, or USD 19.7 billion excluding working capital, and quarterly earnings were USD 6.11 a diluted share. Adjusted free cash flow was USD 15.4 billion, and run-rate Hess synergies of USD 1.5 billion were achieved within a year of closing. Chevron (NYSE:CVX) lost output in the Partitioned Zone between Saudi Arabia and Kuwait because of the conflict, so the war that lifts crude also removes barrels, and U.S. gas realized only USD 0.91. Third-quarter results are due October 30, 2026, with USD 1.5 billion of Hess synergies and the USD 1.78 quarterly dividend in focus for Chevron (NYSE:CVX).

ConocoPhillips (NYSE:COP)

ConocoPhillips (NYSE:COP) traded near USD 150.95 on October 26, 2026, with a market value near USD 181.34 billion, a 20.00 trailing P/E and a 2.23% yield; second-quarter earnings were USD 3.23 a share. Realized prices rose 36% to USD 62.33 per barrel of oil equivalent, and the company spent USD 2.0 billion on buybacks, double the prior quarter, as part of USD 3.0 billion returned. Quarterly operating cash flow was USD 7.4 billion, and the company declared a USD 0.84 third-quarter dividend. Production was 2,248 thousand barrels of oil equivalent a day, down 143 thousand from a year earlier, and third-quarter output is guided to 2.29 to 2.32 million. Production for ConocoPhillips (NYSE:COP) was 143 thousand barrels of oil equivalent a day lower than a year earlier, and as a pure upstream name it has no refining cushion if Brent retreats from USD 114. The next report is expected on November 5, 2026, with third-quarter production guided to 2.29 to 2.32 million barrels of oil equivalent a day for ConocoPhillips (NYSE:COP).

EOG Resources (NYSE:EOG)

EOG Resources (NYSE:EOG) traded near USD 163.66 on October 26, 2026, with a market value near USD 85.84 billion, a 12.73 trailing P/E and a 2.50% yield; second-quarter free cash flow was USD 2.8 billion. The company cites a West Texas Intermediate breakeven below USD 50, about USD 8 billion of 2026 free cash flow at strip prices and a pledge to return at least 70% of it. Year-end cash was USD 4.9 billion against net debt of USD 3 billion, and USD 1.3 billion of the second-quarter return came from buybacks. Adjusted EPS of USD 5.70 and adjusted operating cash flow of USD 8.29 a share were described as record results. CEO Ezra Yacob expects volatility tied to the Iran conflict, and a settlement could pull crude from USD 101 toward the USD 60 to 80 range that the 2027 plan of EOG Resources (NYSE:EOG) assumes. Third-quarter results are expected on November 5, 2026, after the close, with USD 11.7 billion of buyback capacity for EOG Resources (NYSE:EOG).

Occidental Petroleum (NYSE:OXY)

Occidental Petroleum (NYSE:OXY) traded near USD 63.90 on October 26, 2026, down 0.42%, with a market value near USD 63.88 billion and a 18.93 trailing P/E; second-quarter net income was USD 2.8 billion. Free cash flow before working capital reached USD 3.0 billion at a realized crude price of USD 96.78 a barrel, and principal debt fell USD 1.9 billion to USD 11.8 billion. Operating cash flow from continuing operations was USD 5.1 billion and capital spending was USD 1.6 billion, leaving about USD 3.0 billion of free cash flow before working capital. Principal debt is moving toward a USD 10.0 billion milestone, and the quarterly dividend was paid on October 15, 2026. With USD 11.8 billion of debt, Occidental Petroleum (NYSE:OXY) would see cash flow and deleveraging slow faster than lower-debt peers if crude fell on a Middle East settlement. Results are expected on November 9, 2026, after the close, and investors will watch progress toward the USD 10.0 billion debt milestone at Occidental Petroleum (NYSE:OXY).

Where Things Stand

These five can look good if Brent holds near USD 114 and West Texas Intermediate stays above USD 100, but for different reasons: Exxon Mobil and Chevron through scale and refining, ConocoPhillips through buybacks, EOG Resources through a breakeven below USD 50 and Occidental Petroleum through leverage. Trailing P/E ratios range from 12.73 to 23.57, so valuation differs widely. The shared risk is a Middle East settlement, and reports from October 30 to November 9 will show which cash flows held.