Brent Crude Is Up 85% Since January. OXY, XOM, and CVX Are Playing It Very Differently.
2026-05-23 17:35:00 ET
Occidental Petroleum (NYSE: OXY) beat Wall Street estimates by a wide margin when it reported first-quarter 2026 earnings. Analysts were expecting earnings of $0.59 per share, but the company reported $1.06 per share. That's an impressive beat, but management admits that it could have done better. What's going on with the company and with peers like Chevron (NYSE: CVX) and ExxonMobil (NYSE: XOM) ?
One of the first big problems in the quarter for oil companies was the timing of the oil price spike. Most of the advance occurred after the geopolitical conflict in the Middle East began, so the spike that has pushed oil prices up 85% in 2026 as of this writing didn't really get underway until March. So , energy companies only benefited from higher oil prices for a short period .
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