XOM - Why ExxonMobil ConocoPhillips and Phillips 66 All Jumped More Than 5% Today
Shares of integrated energy giant ExxonMobil (NYSE: XOM) rose as much as 5% on Nov. 23. ConocoPhillips (NYSE: COP) , which is focused on exploration and production, was higher by 6%. And refiner and midstream player Phillips 66 (NYSE: PSX) was up 5%. This trio covers a lot of ground in the energy sector , showing just how widespread the good mood is today. But it's important to dig a bit deeper here.
Exxon plays in a rarefied field of Goliath energy companies including names like Chevron (NYSE: CVX) , Royal Dutch Shell (NYSE: RDS.B) , and Total (NYSE: TOT) , each of which had notable 4% gains today. The main business model here is really diversification across the entire energy landscape, from the upstream (drilling) to the downstream (refining and chemicals) -- and a lot that's in between (the midstream ). The hope is that some businesses will be doing well while others are weak and they will offset each other to some degree. Only that hasn't happened during the current downturn, which has punished every portion of the energy industry.
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Why ExxonMobil, ConocoPhillips, and Phillips 66 All Jumped More Than 5% Today