U.S. oil and gas major Exxon Mobil signaled on Tuesday that changes in oil prices would boost its second-quarter upstream earnings by $3.5 billion to $3.9 billion.
With oil now trading well below the $100 level (and seemingly poised to continue heading lower, after OPEC announced further production increases recently and recessionary concerns pick up), it's unclear where certain oil stocks are headed.
Energy stocks just gave investors a buying window. After WTI crude spiked to $114.58 per barrel on April 7, on the Strait of Hormuz disruption, prices have cooled to $78.94 per barrel as of June 22, dragging the three integrated majors down with them.
Chevron is focusing on U.S. shale and new energy demand from the technology sector. Exxon Mobil is leveraging its massive global scale to lead in carbon capture and storage.