WTI Crude Touches $100, Lifting ExxonMobil and Chevron
West Texas Intermediate crude briefly returned to $100 a barrel for the first time in nearly two months, propelling integrated oil majors higher and highlighting divergent strategies among ExxonMobil, Chevron and BP.
WTI crude jumped 6% over 24 hours to settle near $91.94 per barrel on Thursday, after briefly touching the $100 mark. The sudden spike immediately lifted shares of the world's largest integrated oil companies, which have posted strong gains throughout 2026 on the back of firmer crude prices.
For market professionals, the price action raises a familiar question of relative value. While the sector is moving in unison, the underlying financial profiles of ExxonMobil, Chevron and BP present distinctly different trade-offs between capital appreciation, valuation and shareholder yield.
ExxonMobil leads on valuation and buybacks
ExxonMobil has narrowly taken the lead among its peers with a 31% year-to-date gain. The stock trades at a price-to-earnings ratio of 26x, the lowest of the group, though its 2.67% dividend yield is also the smallest. The company backed its valuation with a strong first quarter, producing 4.6 million oil-equivalent barrels per day and delivering an adjusted EPS of $1.16 that beat estimates by 15%.
ExxonMobil is returning capital aggressively through a $20 billion buyback programme. This complements a 43-year streak of consecutive dividend increases.
Chevron leverages the Hess acquisition
Chevron sits just two percentage points behind ExxonMobil with a 29% year-to-date advance. However, it commands a premium valuation at 34x earnings and offers a higher 3.69% dividend yield. Chevron justified its multiple in the first quarter with an adjusted EPS of $1.41, smashing the $0.97 consensus estimate by 45% for its sixth consecutive earnings beat.
Production surged 15% year over year to 3,858 MBOED. This output growth was driven primarily by its recently closed Hess acquisition.
BP prioritises balance sheet repair
BP offers a contrasting model for investors seeking current income. The London-listed oil major pays a leading 4.61% dividend yield but has suspended share buybacks to focus on cutting its net debt to a target range of $14 billion to $18 billion by 2027.
Because BP trades as a UK-listed ADR, it is excluded from the S&P 500 and notably absent from the XLE energy ETF. The fund allocates 24% of its weight to ExxonMobil and 18% to Chevron.
The brief return to triple-digit crude underscores how differently the majors are managing their windfalls. Investors must weigh ExxonMobil’s cheap valuation and buybacks against Chevron’s earnings momentum or BP’s maximum yield at the expense of near-term capital returns.
