XOM

The refining business of Petroleo Brasileiro S.A., or Petrobras (PBR), had a strong first quarter, and the main reason was simple: its refineries ran harder and produced more fuel. In the first quarter of 2026, the company produced 1,816 thousand barrels per day (Mbpd) of refined products, up 6.7% from the previous quarter. Its refinery utilization rate reached 95%, and in March it climbed to 97.4%, the highest monthly level since December 2014. This shows that Petrobras is getting more out of its existing refining assets at a time when fuel demand and supply security remain important. The stronger performance came from making more of the products that matter most to customers and margins. Diesel, gasoline and jet fuel made up 68% of total oil products output in the quarter. The largest integrated energy firm in Brazil also reached a monthly record of 512 Mbpd of S-10 diesel production in March. Since S-10 diesel is a cleaner, high-demand fuel, producing more of it can help Petrobras improve its product mix and support downstream profitability. The higher use of pre-salt oil in refining also points to better flexibility in turning domestic crude into higher-value products. This is important beyond just quarterly numbers. Higher refinery output helped Petrobras reduce its need for imports, including LPG imports, which fell to 26 Mbpd. The company also signed a deal with mining behemoth Vale to supply S-10 diesel containing 15% biodiesel, showing how its refining business can support both customer relationships and lower-carbon fuel offerings. If Petrobras can keep utilization high while controlling costs, the downstream business could become a more reliable earnings driver. Petrobras’ stronger refining performance is not happening in isolation. A look at U.S. energy giants Chevron CVX and ExxonMobil XOM shows that downstream strength remains an important earnings lever for integrated energy majors, especially when higher utilization, better margins and product optimization come together. Downstream Momentum Extends Beyond Petrobras Chevron’s downstream had a mixed first quarter, but its refining assets showed clear operating strength. U.S. downstream earnings rose from a year earlier as margins improved, and U.S. refinery crude inputs increased 4% to 1,054 Mbpd, helped by Pasadena’s Light Tight Oil project. Chevron also achieved record U.S. crude throughput i...

Petroleo Brasileiro S.A., better known as Petrobras PBR, delivered a first-quarter report that was mixed on the surface but encouraging underneath. The company fell short of earnings and revenue expectations, yet the overall picture pointed to strong operational momentum. Petrobras reported higher year-over-year revenues and earnings, record production, healthy cash generation and continued improvement across its refining and offshore businesses. At a time when energy giants like ExxonMobil XOM and Chevron CVX are leaning on high-quality assets and disciplined execution, Petrobras is also showing signs of strong operational strength and long-term growth potential. Petrobras reported first-quarter earnings per ADS of 70 cents, below the Zacks Consensus Estimate of $1.02, while revenues of $23.5 billion missed the $26.4 billion consensus. Still, EPS improved from 62 cents a year earlier and revenues rose 11.7%. Excluding one-off items, net income attributable to Petrobras shareholders reached $4.5 billion, up from $4 billion, while adjusted EBITDA increased to $11.7 billion from $10.7 billion. Operating cash flow was $8.4 billion and free cash flow was $3.9 billion. The biggest positive was production. Petrobras achieved record oil, NGL and natural gas production of 3,225 thousand barrels of oil equivalent per day (MBOE/d), up 16.1% from the prior-year period. Growth was driven by stronger output from key offshore fields such as Búzios, Mero, Marlim and Voador. The company’s upstream business generated $16 billion in revenues and $4.8 billion in net income. Similar to ExxonMobil and Chevron, Petrobras is relying on efficient, low-cost production to support profits across commodity cycles. Image Source: Petrobras Petrobras also saw strong improvement in its refining, transportation and marketing operations. Segment revenues increased to $22.3 billion from $20 billion a year ago, while net income jumped sharply to $2.3 billion from just $367 million. Adjusted EBITDA more than tripled to $3.8 billion. The company produced 1,816 thousand barrels per day (Mbpd) of refined products during the quarter, while refinery utilization rose to 95%. Diesel, jet fuel and gasoline accounted for most of the output mix. Petrobras also continues to expand refining capacity. Its RNEST refinery set a record for S-10 diesel production in April, reaching 385 million liters, about 60%...

Europe’s largest oil company, Shell plc SHEL, delivered a strong bottom line in the first quarter of 2026, helped by solid operational execution and higher contributions from trading and optimization. Earnings came in at $2.44 per ADS (on a current cost of supplies basis, excluding items), translating from adjusted earnings per share of $1.22, up 32.6% from the year-ago quarter’s 92 cents. The bottom line beat the Zacks Consensus Estimate of $1.78 by 37.1%. However, total revenue and other income of $70.1 billion was essentially flat year over year and missed the consensus mark of $83.3 billion by 15.8%. Oil and gas production available for sale averaged 2,752 thousand oil-equivalent barrels per day (MBOE/d) during the quarter. Shell PLC Unsponsored ADR price-consensus-eps-surprise-chart | Shell PLC Unsponsored ADR Quote Shell posted adjusted earnings of $6.9 billion in the quarter, compared with $5.6 billion in the first quarter of 2025. Income attributable to Shell plc shareholders was $5.7 billion, underscoring that the quarter’s earnings power was supported by underlying performance across the portfolio. Management highlighted that strong operations supported higher contributions from trading and optimization. The company also rebalanced shareholder distributions, announcing a $3 billion share buyback program for the next three months and lifting the quarterly dividend 5% to 39.06 cents per share. Shell generated $69.7 billion in revenues in the first quarter of 2026, led by Marketing at $30.7 billion and Chemicals and Products at $19.2 billion. Integrated Gas contributed $7.7 billion, while Renewables and Energy Solutions delivered $10.6 billion, and Upstream reported $1.4 billion. In the Upstream segment, adjusted earnings rose to $2.4 billion from $2.3 billion in first-quarter 2025, reflecting higher realized pricing. Realized liquids prices edged up to $71.86 per barrel from $71.49, though realized gas prices fell more than 6% year over year. Total production averaged 1,843 MBOE/d, down from 1,855 MBOE/d in the March quarter of 2025. Marketing adjusted earnings jumped to $1.3 billion from $900 million, supported by seasonally stronger Lubricants performance, strong optimization margins and lower operating expenses. Marketing sales volumes were 2,627 thousand barrels per day (Mbbl/d) versus 2,674 Mbbl/d in Q1’25, pointing to margin and cost as the key...

Achieved record quarterly revenue and free cash flow, driven by a 19% year-over-year increase in oil and gas royalty production to approximately 37,001 boe/d. Maintained a deliberate unhedged commodity position to capture direct upside from elevated oil prices, utilizing a strong net cash balance sheet as the primary risk hedge. Attributed royalty growth to robust completion activity by major operators including Occidental, BP, Devon, and Exxon across the Delaware and Midland Basins. Observed only a marginal uptick in recent operator activity due to uncertainty regarding global supply disruptions, though the company expects the industry to ramp rig and frac spread activity over coming quarters if elevated oil prices persist. Reported that operators are increasingly utilizing longer laterals, with new permits and spuds averaging in excess of 13,000 feet, enhancing the value of the existing inventory. Emphasized the company's unique ability to solve developer problems by bundling surface land, water rights, and aggregates for large-scale capital projects. Acknowledged the passing of long-time major shareholder Murray Stall, reaffirming a commitment to his long-term vision for the company's real property assets. Anticipates a potential ramp in rig and frac spread activity in coming quarters if elevated oil price signals persist and global inventories continue to deplete. Projects that Texas will become a dominant global hub for large-scale power and compute, driven by hyperscalers seeking 'behind-the-meter' gas power generation. Expects to provide additional details in the coming months regarding a $43 million land sale agreement structured over 20 years for a power and data development. Aims to evaluate the economic viability of produced water desalination at scale through the imminent startup of the Phase 2B 10,000-barrel-per-day facility. Targets the development of multiple multi-gigawatt energy campuses on company acreage to meet rising demand from AI labs and hyperscalers. Noted that Surface Leases, Easements, and Materials (SLEM) revenue can be 'lumpy' due to the timing of large infrastructure projects like gas pipeline buildouts. Identified 'accrual noise' in the water segment, suggesting a three-quarter trend is more reflective of actual contractual and functional volume growth. Highlighted that while grid power is largely exhausted, the shift to gas-fi...

Cenovus Energy CVE is set to report first-quarter 2026 results on May 6, before the opening bell. The Zacks Consensus Estimate for first-quarter earnings is pegged at 56 cents per share, implying a 75% surge from the year-ago reported number. CVE has witnessed no estimate revision in the past seven days. The Zacks Consensus Estimate for first-quarter revenues is pegged at $9.3 billion, which suggests no change from the year-ago reported figure. CVE beat on earnings in the trailing four quarters, delivering an average surprise of 51.2%. This is depicted in the graph below: Image Source: Zacks Investment Research Our proven model does not conclusively predict an earnings beat for CVE this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of an earnings beat. That is just the case here. The Canadian integrated energy player has an Earnings ESP of 0.00% and a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter. To understand how oil prices performed during the March-end quarter, we can look at data from the U.S. Energy Information Administration (EIA). Per the EIA, the average Cushing, OK, WTI spot prices were $60.04 per barrel in January, $64.51 in February and $91.38 in March of 2026. This favorable pricing environment, particularly in March, likely supported Cenovus’s exploration and production activities, and may have contributed positively to its production. Cenovus has a production mix that includes a substantial proportion of heavy oil. Therefore, its realized prices are influenced not only by WTI but also by the differential between WTI and Western Canadian Select. The Zacks Consensus Estimate projects total upstream production at 965 thousand barrels of oil-equivalent per day (Mboe/d), up from 819 Mboe/d in the year-ago quarter. Meanwhile, U.S. refining crude throughput is estimated at 352 thousand barrels per day (Mbbls/d), whereas it reported 554 Mbbls/d in the March quarter of 2025. The downstream segment is therefore expected to weigh on the company’s overall performance in the upcoming earnings. Cenovus’s stock has skyrocketed 153.2% over the past year, outperforming the industry’s 107.6% whopping growth. BP plc BP, another integrated ma...

Petroleo Brasileiro S.A., or Petrobras PBR, is slated to release first-quarter 2026 results on May 11. The Zacks Consensus Estimate for revenues is pegged at $26.2 billion, implying an increase of 24.4% from the year-ago quarter. The consensus earnings estimate of 93 cents per share has been revised upward by 2.2% over the past seven days, suggesting a 50% improvement from the year-ago reported figure. For full-year 2026, the Zacks Consensus Estimate for PBR’s revenues is pegged at $117.8 billion, implying a rise of 32% year over year. The consensus mark for 2026 earnings per share stands at $4.66, indicating a surge of 66.4%. In the last reported quarter, the company delivered an earnings surprise of 26.3% on the back of upstream production growth and higher downstream earnings. Petrobras’ earnings beat the Zacks Consensus Estimate in two of the trailing four quarters and missed in the other two, with the average negative surprise being 2.8%. Petroleo Brasileiro S.A.- Petrobras price-eps-surprise | Petroleo Brasileiro S.A.- Petrobras Quote The proven Zacks model does not conclusively show that Petrobras is likely to beat estimates in the first quarter. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of beating estimates. But that’s not the case here. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. Earnings ESP: PBR has an Earnings ESP of 0.00%. This is because the Most Accurate Estimate and the Zacks Consensus Estimate are pegged at 93 cents per share each. Zacks Rank: Petrobras currently carries a Zacks Rank of 1, which increases the predictive power of ESP. However, the company’s 0.00% ESP makes surprise prediction difficult this earnings season. You can see the complete list of today’s Zacks #1 Rank stocks here. Petrobras entered first-quarter 2026 with strong production momentum. As per its Production & Sales report, the company’s total output reached a record 3.23 million barrels of oil equivalent per day (MMboe/d) during the quarter, up 3.7% sequentially and 16.1% year over year, helped by the ramp-up of P-78 in Búzios, Alexandre de Gusmão in Mero, and Anna Nery/Anita Garibaldi in Campos Basin. Pre-salt liquids output rose to 2.19 million barrels per day (MMbpd), while 10 new producing wells started operations. P-78 was especiall...

Last Friday, Exxon Mobil Corporation XOM announced first-quarter 2026 earnings that surpassed expectations, thanks to contributions from advantageous assets such as Permian and Guyana. Structural cost savings also contributed to the positive developments. The integrated energy giant mentioned that Permian, the most prolific basin in the United States, will remain the growth driver, brightening the overall business outlook. Before analyzing the factors driving this positive outlook, let’s first review the first-quarter results. ExxonMobil reported earnings per share of $1.16 (excluding identified items), which beat the Zacks Consensus Estimate of $1.07. The bottom line declined from the year-ago level of $1.76. Image Source: Zacks Investment Research Total quarterly revenues of $85.14 billion beat the Zacks Consensus Estimate of $81.49 billion. The top line improved from the year-ago figure of $83.13 billion. For more details, read our article: ExxonMobil Q1 Earnings Beat Estimates on Higher Upstream Production. Chevron Corporation CVX and BP plc BP are two other prominent integrated energy companies. Both CVX and BP have already posted results. The price of West Texas Intermediate (“WTI”) crude is trading at more than the $100-per-barrel mark. The high price is being backed by ongoing tensions in the Middle East. The U.S. Energy Information Administration (“EIA”) in its latest short-term energy outlook projected WTI at $87.41 per barrel this year, higher than $65.40 last year. A highly favorable pricing environment for the commodity is likely to continue supporting ExxonMobil's exploration and production activities, which derive the majority of its earnings. To provide a glimpse of the upstream assets, the company has a massive footprint in the Permian, the most prolific oil and gas play in the United States, and offshore Guyana. In the Permian, the integrated giant has been employing lightweight proppant technology and hence is capable of boosting its well recoveries by up to as much as 20%. On the first quarter earnings call, XOM mentioned that it is staying aligned with its plan of growing its production in the most prolific basin to 1.8 million oil equivalent barrels this year. In Guyana, XOM has made several oil and gas discoveries, further highlighting its solid production outlook. Record production from both resources has been aiding its top and botto...

It’s no surprise that Chevron CVX) and Exxon Mobil XOM) reported stronger-than-expected Q1 results last Friday, driven largely by elevated crude oil prices as the conflict in Iran tightened global supply. Yet beneath the headline top and bottom line beats, the two oil majors delivered very different financial profiles. Furthermore, with crude prices hovering above $100 per barrel, investors may be wondering which oil giant is the better investment for their portfolios, prompting a fresh comparison of their financial fundamentals. Image Source: Yahoo Finance It's not necessarily a spoiler alert about which may be the better investment, but Exxon had the stronger Q1 across most key metrics, including earnings, cash flow, and shareholder returns. Exxon also has the larger revenue base, with Q1 sales increasing 2% year over year to $85.13 billion and eclipsing estimates of $81.49 billion by 4%. Meanwhile, Chevron’s Q1 sales were also up 2% to $48.6 billion and edged estimates of $47.37 billion. 1. Adjusted Earnings Exxon’s Q1 adjusted net income increased over 15% YoY to $8.8 billion, while Chevron’s decreased 28% to $2.8 billion due to a $360 million legal reserve charge and $223 million in foreign-exchange (FX) losses. Still, Chevron posted Q1 adjusted EPS of $1.41, which crushed expectations of $0.92 by 53%. As for Exxon, Q1 adjusted EPS of $1.16 beat expectations of $1.07 by 8%. Even though both companies exceeded earnings expectations, Exxon and Chevron’s Q1 EPS declined from $1.76 and $2.18 in the prior-year quarter, respectively. The drop was driven by a larger share count and significant timing-related accounting effects that reduced per-share results, even as Exxon’s underlying net income increased. 2. Cash Flow Generation Exxon produced $8.7 billion in operating cash flow in Q1, which impressively topped Chevron’s $2.5 billion. Along with the legal charges and FX losses, Chevron’s downstream business (refined products after production) swung to an $817 million loss, driven by derivative timing effects that are expected to reverse later but weighed on its Q1 operating cash flow. 3. Shareholder Returns During Q1, Exxon returned $9.2 billion to shareholders (dividends + buybacks), compared with Chevron’s $6 billion. This reflects Exxon’s stronger cash position and confidence in its financial resilience. Although Exxon produced superior shareholder returns...

Imperial reported first-quarter net income of CAD 940 million, down CAD 348 million year‑over‑year after lower upstream realizations and a CAD 143 million after‑tax mark‑to‑market incentive compensation charge tied to a sharp share‑price rise; operating cash flow was CAD 1.239 billion and was hit by ~CAD 350 million of deferred tax effects. Upstream production was a near‑record 419,000 boe/d, with Kearl (259,000 b/d) and Cold Lake projects (including solvent‑assisted SAGD and the Mahihkan project) driving growth alongside recovery and cost‑reduction initiatives like KFCC and mine automation. Management plans to continue capital discipline (Q1 capex CAD 478 million), declared a Q2 dividend of CAD 0.87 per share and intends to renew the NCIB, while the company advances a restructuring/outsourcing program with ExxonMobil to capture efficiencies and return surplus cash to shareholders (buybacks remain a possibility if cash generation persists). Interested in Imperial Oil Limited? Here are five stocks we like better. 4 Canadian Oil Stocks That Are Filling the Heavy Crude Gap Imperial Oil (NYSEAMERICAN:IMO) reported first-quarter 2026 net income of CAD 940 million, down CAD 348 million from the prior-year quarter, as management pointed to lower average upstream prices and a higher incentive compensation charge tied to the company’s share-price performance. On the company’s earnings call, executives also discussed operational results across upstream, downstream, and chemicals, along with capital allocation plans and the ongoing implementation of a broader restructuring effort. Dan Lyons, senior vice president of finance and administration, said the quarter’s results were “primarily driven by higher incentive compensation charges as a result of our higher share price and unfavorable upstream realizations.” Lyons quantified the incentive compensation item as a “CAD 143 million after tax” mark-to-market charge, driven by what he described as a “historic share price increase of almost CAD 65 over 50% in the quarter.” → Roblox Stock Slides to New Low as Safety Changes Weigh on Outlook Compared with the fourth quarter of 2025, Lyons said first-quarter net income increased by CAD 448 million, citing the absence of prior “identified items” and higher prices, “partially offset by lower volumes and the incentive compensation charge.” By segment, Lyons reported: Upstream earn...

(Bloomberg) -- First-quarter earnings season is delivering Wall Street better-than-expected results, propelling US equities’ run from one record to the next. Most Read from Bloomberg Supertanker Appears to Have Crossed the Strait of Hormuz World’s Largest Container Carrier Plans Route Avoiding Hormuz Beijing Tells China Firms to Ignore US Sanctions on Refiners Philippines Says Thousands Evacuated as Mayon Volcano Erupts Iran Juggles Oil Cuts and Storage Strain to Resist US Blockade As earnings wind down for two-thirds of the stocks in the S&P 500 Index, the proportion of companies missing analysts’ estimates is hovering at the lowest level since 2021. It’s not just due to blowout earnings from technology giants, which were expected to lead the charge. S&P 500 companies outside of the tech realm have been posting the sharpest positive earnings surprises since the fourth quarter of 2024, according to Seaport Research Partners. For Wall Street investors, that’s a vote of confidence in Corporate America’s profit machine, which keeps humming along despite an oil price shock, tariff turmoil and rising worries about the health of the US consumer. “As I look at how companies have reported results, I would argue that resilient is almost too modest of a word. There’s real, obvious strength,” said Marta Norton, chief market strategist at Empower. “The foundation of the economy is proving to be very, very strong.” The strength is showing up across sectors. Small caps are on a tear, bank profits are booming and firms keep plowing past macroeconomic obstacles, though some worries still linger. Here are five themes that investors are watching play out in this reporting period: Spending Spree Microsoft Corp., Amazon.com Inc., Alphabet Inc., Meta Platforms Inc. and Apple Inc. — which make up roughly a quarter of the S&P 500’s total market capitalization — were the headliners this week. Their earnings were generally better than expected, though Meta and Microsoft retreated amid concerns around the companies’ capital spending plans. Meanwhile, the rally in semiconductor stocks extended. Intel Corp. topped the leaderboard, soaring 114% in April, helped by an estimate-shattering sales forecast. Texas Instruments Inc. was also a notable earnings-driven gainer. After soaring nearly 50% during an 18-session winning streak last month the Philadelphia Semiconductor Index, or SOX, clo...

Chevron and Exxon Mobil reported weak Q1 earnings early Friday as the Iran war disrupted oil shipments. Despite the disruptions, both oil major beat earnings estimates as production volumes rose. Exxon highlighted record production in Guyana and the first LNG production at Golden Pass Train 1, a joint venture with QatarEnergy.

The Standard & Poor's 500 index rose 0.9% this week to another closing record high as the communicat