Key Highlights

  • Phillips 66 (NYSE:PSX): USD 3.8 billion adjusted second-quarter earnings, 98% capture, results expected October 28, 2026.
  • HF Sinclair (NYSE:DINO): USD 25.95 a barrel refining margin, USD 960 million adjusted income, results due October 28, 2026.
  • Cheniere Energy (NYSEAMERICAN:LNG): 2026 EBITDA guidance raised to USD 7.90 billion to 8.40 billion, results expected October 29, 2026.
  • Exxon Mobil (NYSE:XOM): USD 14.5 billion second-quarter earnings, USD 17.2 billion free cash flow, results due October 30, 2026.

Phillips 66 (NYSE:PSX)

Phillips 66 (NYSE:PSX) rose 1.97% to about USD 288.75 on October 26, 2026, with a market value near USD 115.22 billion and a 16.44 trailing P/E; second-quarter adjusted earnings were USD 3.8 billion. The market capture rate was 98% in the second quarter, midstream is targeted at a USD 4.5 billion EBITDA run rate by the end of 2027, and USD 379 million went to buybacks. Reported earnings were USD 9.55 a share, and operating cash flow before working capital was USD 4.3 billion. Operating cost was USD 5.57 a barrel in the second quarter against a 2027 target of USD 5.50 excluding turnarounds. Net debt of USD 16.5 billion is expected to fall below USD 16 billion by year end, with buybacks rising in the second half. Third-quarter guidance calls for crude utilization in the mid-90% range and turnaround expense of USD 100 million to 120 million. Third-quarter capture is guided near 95%, and Phillips 66 (NYSE:PSX) faces chemicals margins below mid-cycle and possible changes to renewable credit rules for foreign feedstocks after 2027. Third-quarter results are expected on October 28, 2026, before the open, with crude utilization guided to the mid-90% range for Phillips 66 (NYSE:PSX).

HF Sinclair (NYSE:DINO)

HF Sinclair (NYSE:DINO) rose 2.15% to about USD 124.28 on October 26, 2026, with a market value near USD 22.09 billion, an 11.86 trailing P/E and a 1.66% yield; second-quarter adjusted EBITDA was USD 1.482 billion. The adjusted refinery gross margin was USD 25.95 a barrel, utilization was 94.3%, the dividend rose 5% to USD 0.525 and the lubricants segment is to be separated within 12 to 18 months. Net income was USD 892 million, or USD 4.93 a share, against USD 208 million a year earlier, and utilization was 94.3%. Crude charge averaged 639,680 barrels a day and refinery throughput 681,150 barrels a day. The company returned USD 265 million in the second quarter, including USD 179 million of buybacks, and raised the dividend 5% to USD 0.525. The Lubricants and Specialties segment earned USD 181 million of income before interest and taxes and is to be separated within 12 to 18 months. The release from HF Sinclair (NYSE:DINO) gave no numeric third-quarter guidance, and its margin of USD 25.95 trails Valero's USD 39.24, so a Middle East settlement could narrow spreads. Third-quarter results are scheduled for October 28, 2026, before the open, with a webcast at 8:30 a.m. ET for HF Sinclair (NYSE:DINO).

Cheniere Energy (NYSEAMERICAN:LNG)

Cheniere Energy (NYSEAMERICAN:LNG) traded near USD 298.66 on October 26, 2026, flat on the day, with a market value near USD 61.68 billion and a 22.22 trailing P/E; second-quarter adjusted EBITDA was USD 1.80 billion. Guidance rose to USD 7.90 billion to 8.40 billion of adjusted EBITDA, 184 cargoes were exported and about USD 550 million of stock was repurchased in the quarter. Net income was USD 3.07 billion and distributable cash flow was USD 1.17 billion for the quarter, with 184 cargoes exported. Midscale Train 6 reached substantial completion in June 2026, and Train 7 first LNG is expected shortly. Corpus Christi Stage 3 is 98.4% complete, and a USD 0.555 dividend was paid on August 18, 2026. About 2.2 million shares were repurchased for about USD 550 million in the quarter, and 53 to 54 million tonnes of production are forecast. Net income at Cheniere Energy (NYSEAMERICAN:LNG) swings with derivative marks, as shown by a USD 434 million six-month loss, and the Sabine Pass expansion still awaits regulatory approvals. Third-quarter results are expected on October 29, 2026, before the open, and Train 7 first LNG is imminent for Cheniere Energy (NYSEAMERICAN:LNG).

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).

Where Things Stand

The next four reports arrive on consecutive days: Phillips 66 and HF Sinclair on October 28, Cheniere on October 29 and Exxon Mobil on October 30, 2026. Brent near USD 114 and Valero's USD 39.24 a barrel refining margin set high expectations. Each company has a different test: refiner capture, lubricants and margins, raised LNG guidance and upstream earnings. The Federal Reserve decision on October 28 adds macro risk.