Two oil giants report on the same day, but they’re not taking the same test.
Exxon Mobil ($XOM ) and Chevron ($CVX ) are both set to report Q3 2026 results before the U.S. market opens tonight. Exxon Mobil is expected to post earnings per share of about $3.90–$4.12 and revenue of about $102.7–$105.4 billion, compared with EPS of $1.88 and revenue of $83.3 billion in the same period last year. Chevron is expected to post EPS of about $4.78–$4.86 and revenue of about $60.49–$61.33 billion, compared with EPS of $1.85 a year ago. Exxon Mobil’s earnings call is at 9:30 p.m. Beijing time, and Chevron’s is at 11:00 p.m.
Last quarter’s results make for an interesting comparison too: Exxon Mobil posted EPS of $3.52, slightly below expectations, while Chevron’s $6.06 beat expectations. Chevron’s global production rose about 20% year over year to roughly 4.07 million barrels of oil equivalent per day. Both companies report on the same day, but their results could point in different directions—that’s what makes tonight worth watching.
What to watch: Both stocks are already near their 52-week highs, so expectations are elevated. Tonight isn’t just about whether they made money, but whether they made enough to justify those lofty levels. Consider three scenarios: If both meet expectations and neither buybacks nor production guidance is scaled back, the energy sector’s strength could continue. If one meets expectations and the other falls short, the market will quickly price them differently, with the weaker stock likely to face selling first. If both miss expectations or offer cautious guidance, investors may start taking profits at these highs; in that case, watch whether oil prices and refining margins can provide support. Don’t chase the first move in premarket trading tonight. Wait for both earnings calls to clarify production, buybacks, and next year’s spending, then compare the results against these three scenarios.
Data as of: 2026-10-29 17:10 UTC
For informational purposes only; not investment advice.
Exxon Mobil ($XOM ) and Chevron ($CVX ) are both set to report Q3 2026 results before the U.S. market opens tonight. Exxon Mobil is expected to post earnings per share of about $3.90–$4.12 and revenue of about $102.7–$105.4 billion, compared with EPS of $1.88 and revenue of $83.3 billion in the same period last year. Chevron is expected to post EPS of about $4.78–$4.86 and revenue of about $60.49–$61.33 billion, compared with EPS of $1.85 a year ago. Exxon Mobil’s earnings call is at 9:30 p.m. Beijing time, and Chevron’s is at 11:00 p.m.
Last quarter’s results make for an interesting comparison too: Exxon Mobil posted EPS of $3.52, slightly below expectations, while Chevron’s $6.06 beat expectations. Chevron’s global production rose about 20% year over year to roughly 4.07 million barrels of oil equivalent per day. Both companies report on the same day, but their results could point in different directions—that’s what makes tonight worth watching.
What to watch: Both stocks are already near their 52-week highs, so expectations are elevated. Tonight isn’t just about whether they made money, but whether they made enough to justify those lofty levels. Consider three scenarios: If both meet expectations and neither buybacks nor production guidance is scaled back, the energy sector’s strength could continue. If one meets expectations and the other falls short, the market will quickly price them differently, with the weaker stock likely to face selling first. If both miss expectations or offer cautious guidance, investors may start taking profits at these highs; in that case, watch whether oil prices and refining margins can provide support. Don’t chase the first move in premarket trading tonight. Wait for both earnings calls to clarify production, buybacks, and next year’s spending, then compare the results against these three scenarios.
Data as of: 2026-10-29 17:10 UTC
For informational purposes only; not investment advice.
