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.
  • Diamondback Energy (NASDAQ:FANG): USD 2.331 billion second-quarter free cash flow, USD 16.0 billion buyback authorization, results expected November 2, 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. Cumulative structural cost savings reached USD 16.3 billion against 2019, and a final investment decision was taken on a Proxxima blending expansion in Louisiana. Second-quarter capital spending was USD 6.79 billion, and 2026 planned investment is about 20% above its nearest international peer. 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. The board declared a USD 1.78 quarterly dividend, and structural cost reductions of USD 3 billion are tracking a USD 3 billion to 4 billion year-end target. Production of 4,070 thousand barrels of oil equivalent a day was about 20% above a year earlier, and U.S. output set a record. 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. CEO Ryan Lance says it remains on track for a USD 7 billion free cash flow inflection by 2029, a target that depends on commodity prices. Total distributions of USD 3.0 billion in the quarter put the company on track to return 45% of 2026 operating cash flow. 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).

Diamondback Energy (NASDAQ:FANG)

Diamondback Energy (NASDAQ:FANG) traded near USD 206.10 on October 26, 2026, up 0.17%, with a market value near USD 57.71 billion and a 39.93 trailing P/E; second-quarter adjusted free cash flow was USD 2.331 billion. Realized oil of USD 96.82 a barrel funded buybacks, a USD 1.10 dividend and a USD 1.6 billion net debt reduction, and the repurchase authorization was doubled to USD 16.0 billion. Net income attributable was USD 1.882 billion, or USD 6.65 a share, on capital spending of USD 996 million in the quarter. Oil guidance for 2026 was raised to 522 thousand barrels a day or more, and total output to 1,000 thousand barrels of oil equivalent a day or more. The base dividend is USD 1.10 a share, and about 547,716 shares were repurchased for roughly USD 100 million in the third quarter to date. Net debt of USD 12.304 billion fell about USD 1.6 billion in the quarter, and the buyback authorization was doubled to USD 16.0 billion. Diamondback Energy (NASDAQ:FANG) realized a negative USD 2.15 per thousand cubic feet on gas, hedges trimmed oil realizations, and a 39.93 trailing P/E leaves less room if crude falls. Third-quarter results are expected on November 2, 2026, after the close, with oil guided to 517 to 527 thousand barrels a day at Diamondback Energy (NASDAQ:FANG).

Where Things Stand

They are returning most of it to shareholders while reducing debt. Exxon Mobil repurchased USD 5.1 billion of shares in the second quarter, Chevron USD 3.1 billion and ConocoPhillips USD 2.0 billion, while Diamondback doubled its authorization to USD 16.0 billion and cut net debt about USD 1.6 billion. These returns depend on crude staying near USD 100, so a decline would likely slow them. Third-quarter reports from October 30 will show the pace.