XOM vs CVX: ExxonMobil vs Chevron Stock Comparison
ExxonMobil (XOM) and Chevron (CVX) are the two largest US oil companies. Exxon is bigger, with large refining and chemicals businesses and its Guyana and Permian growth engines; Chevron, now including Hess, pays a higher dividend yield and is expanding in Venezuela. Both are benefiting from high oil prices since the Middle East conflict disrupted the Strait of Hormuz.
XOM vs CVX: 1-year performance
Our take
Scale and integration vs. yield and upstream leverage. Exxon earned $15.4B in Q3 2026 ($17.5B excluding items) on record refining and generated $19.1B of free cash flow. Chevron earned $9.9B with $14.2B of adjusted free cash flow and the lower net debt ratio. Exxon offers broader growth (Guyana, Permian, LNG) and a $20B buyback pace for 2027 but lost Qatar LNG output; Chevron offers a higher yield, Hess synergies and Venezuela upside with political risk attached.
Prices and returns on this page update live; company figures are from company filings and announcements. Not investment advice.
XOM strengths
ExxonMobil- Cash generation. Q3 2026 operating cash flow $25.7B and free cash flow $19.1B; 4.5M oil-equivalent barrels a day.
- Growth portfolio. Guyana (Stabroek passed 1B cumulative barrels), Permian, LNG; 2030 plan targets $25B more earnings and $35B more cash flow vs 2024.
- Shareholder returns. $9.4B returned in Q3; 44 consecutive years of dividend increases; ~$20B buyback pace planned for 2027.
CVX strengths
Chevron- Higher yield. $7.12 annual dividend ($1.78 a quarter) and $2.5–3B of buybacks a quarter.
- Hess integration. Synergies of $1.5B (50% above target) and $3B of structural cost cuts reached early; Guyana exposure via Hess.
- Strong balance sheet and new upside. Net debt ratio 9.6%; Venezuela JVs plan $7B of investment to roughly double output to ~600,000 bpd by 2031.
Key risks
- XOM Qatar LNG: Iranian strikes damaged LNG trains in which Exxon holds 30–34% stakes, cutting output for years.
- XOM About 350,000 bpd of Middle East production offline; $2.5B of negative timing effects in Q3.
- XOM Oil price volatility after the Hormuz shock; lower-carbon investments with uncertain returns.
- CVX Production down y/y (3.98M boe/d vs 4.09M) on entitlements and turnarounds.
- CVX Venezuela political and legal risk; Hess Midstream restructuring brings a one-time $3–4B non-cash loss.
- CVX Same oil price exposure, with less refining and chemicals diversification than Exxon.
Total return
Split- and dividend-adjusted.
Quarterly revenue
Q2 2025 – Q3 2026. Revenue jumped in 2026 with oil prices.
Revenue growth y/y
Reported revenue growth vs the same quarter a year earlier.
XOMCVX
XOM vs CVX returns
Split- and dividend-adjustedTotal return includes reinvested dividends. The 5-year return is in the table only.
Risk (1 year)
| Metric | XOM | CVX |
|---|---|---|
| Annualized volatility | – | – |
| Max drawdown | – | – |
| Below 52-week high | – | – |
| Correlation of daily returns | – | |
Quarterly revenue ($M)
| Symbol | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 | Q3 26 |
|---|---|---|---|---|---|---|
| XOM | 79,477.0 | 83,331.0 | 80,039.0 | 83,161.0 | 114,529.0 | 110,503.0 |
| CVX | 44,375.0 | 48,169.0 | 45,787.0 | 47,556.0 | 67,199.0 | 65,237.0 |
XOM vs CVX fundamentals
Q3 2026 unless noted| Metric | XOM | CVX | Edge |
|---|---|---|---|
| Market cap (live) | – | – | – |
| P/E ratio (live, trailing) | – | – | – |
| Dividend yield (live, on current annual rate) | – | – | – |
| Q3 2026 revenue | $110.5B | $65.2B | XOM |
| Earnings (GAAP) | $15.4B ($3.72/share) | $9.9B ($5.06/share) | XOM |
| Earnings excl. items | $17.5B ($4.23/share) | $10.4B ($5.28/share) | XOM |
| Production | 4.50M oe bbl/d | 3.98M boe/d | XOM |
| Operating cash flow | $25.7B | $16.0B | XOM |
| Free cash flow | $19.1B | $14.2B (adjusted) | XOM |
| Operating margin | 17.0% | 17.4% | – |
| Total debt / cash | $34.3B / $12.2B | $33.5B / $12.8B | CVX |
| Net debt | ~$22.1B | ~$20.7B (9.6% ratio) | CVX |
| Annual dividend per share | $4.28 (44 years of increases) | $7.12 | – |
| Shareholder returns (Q3) | $9.4B | ~$6.0B | XOM |
Deals, contracts and corporate actions timeline
| Date | Co. | Counterparty | Deal | Value |
|---|---|---|---|---|
| Oct 30, 2026 | XOM | Q3 results | Earnings $15.4B ($17.5B ex items), free cash flow $19.1B; dividend raised to $1.07 a quarter (44th straight annual increase) | – |
| Oct 30, 2026 | CVX | Q3 results | Earnings $9.9B, adjusted free cash flow $14.2B, debt cut $3.5B; 2026 capex at low end of $18–19B | – |
| Sep 1–2, 2026 | CVX | PDVSA (Venezuela) | Expansion plan: joint ventures to invest $7B over five years to reach ~600,000 bpd by 2031 | $7B |
| Q3 2026 | CVX | Hess Midstream | Restructuring cuts Bakken midstream tariffs ~50% and deconsolidates $3.7B of debt | – |
| Q3 2026 | XOM | Guyana; Papua LNG; Rovuma LNG | Stabroek passes 1B cumulative barrels; Exxon takes Papua LNG operatorship and raises stakes in Papua and Rovuma LNG | – |
| Mar 19, 2026 | XOM | QatarEnergy | Iranian strikes knock out 17% of Qatar’s LNG export capacity for 3–5 years, including trains part-owned by Exxon | – |
| Late Feb 2026 | CVX | Middle East | Conflict involving Iran disrupts shipping through the Strait of Hormuz; oil prices spike (affects both companies) | – |
| Dec 9, 2025 | XOM | 2030 plan | Raised targets: +$25B earnings and +$35B cash flow vs 2024 at constant prices; $20B structural savings; 5.5M boe/d by 2030 | – |
| Dec 2025 | CVX | 2026 budget | Capital spending budget set at $18–19B | $18–19B |
| Jul 2025 | CVX | Hess | Acquisition completed after arbitration over Guyana rights | ~$53B |
XOM vs CVX analysis
Two integrated majors, different mixes
Exxon has a larger refining and chemicals business, which lifted Q3 2026 earnings on record refinery utilization, plus the fastest-growing low-cost barrels in the industry in Guyana. Chevron is more weighted to upstream production, so its earnings swing more with crude prices; the Hess deal added a 30% stake in Guyana’s Stabroek block.
The 2026 oil shock
The conflict involving Iran and disruption in the Strait of Hormuz pushed revenue up ~40% for both in Q2 and Q3 2026. Exxon also lost output: about 350,000 bpd of Middle East production and its share of damaged Qatar LNG trains.
Cash returns
Both return most of their free cash flow. Exxon has the longer dividend growth streak (44 years) and plans a $20B buyback pace in 2027; Chevron offers the higher yield and $2.5–3B of buybacks a quarter.
Valuation
Chevron usually trades at a slightly lower P/E with a higher dividend yield (live figures above); Exxon’s premium reflects its larger, more diversified growth pipeline.
What to watch
Oil and LNG prices and the Strait of Hormuz, Exxon’s 2027 plan update and Qatar recovery, Chevron’s December 2027 budget, Venezuela progress and Hess Midstream closing.
XOM vs CVX FAQ
Which pays a higher dividend, Exxon or Chevron?
Chevron pays $7.12 a year per share and Exxon $4.28 after its latest 4% increase. Chevron’s yield is typically higher; live yields are in the table above.
Which oil major is bigger?
ExxonMobil. In Q3 2026 it had $110.5 billion of revenue and produced about 4.5 million oil-equivalent barrels a day, versus $65.2 billion and 3.98 million for Chevron.
How did the 2026 Middle East conflict affect Exxon and Chevron?
Higher oil prices lifted revenue and cash flow for both. Exxon also lost production: about 350,000 barrels a day in the Middle East and part of its Qatar LNG output after Iranian strikes damaged LNG trains.
What did Chevron get from Hess?
The Hess acquisition, completed in July 2025, added a 30% stake in Guyana’s Stabroek block and Bakken assets. Chevron reports $1.5 billion of synergies, 50% above its target.