WS #16581
Energy stocks are outperforming as Chevron and ExxonMobil report strong Q3 earnings driven by record refining margins and robust production. Chevron beat estimates across the board, while ExxonMobil announced a $20 billion buyback. Geopolitical tensions are adding a supply-side premium, as a Ukrainian drone strike on a major Russian refinery disrupts output, reinforcing the bullish outlook for integrated oil majors and refiners.
Energy Earnings and Geopolitical Supply Shock
Energy stocks are outperforming as Chevron and ExxonMobil report strong Q3 earnings driven by record refining margins and robust production. Chevron beat estimates across the board, while ExxonMobil announced a $20 billion buyback. Geopolitical tensions are adding a supply-side premium, as a Ukrainian drone strike on a major Russian refinery disrupts output, reinforcing the bullish outlook for integrated oil majors and refiners.