News
The day at a glance · 3 min read
Mood · Mixed
-15
Sentiment, −100 to +100
S&P 500 Index
+0.61%+0.61%
Energy Sector Under Pressure
Exxon Mobil Share Price
$149.81+22.1% YTD
Oil & Gas Majors
Exxon 1-Year Return
+49.3%+49.3%
Oil & Gas Majors
Key driverEnergy stocks fell amid progress on Iran peace negotiations while utilities sector saw transformative merger activity
Daily briefEnergy· Money365.Market AI ·

Energy Stocks Decline Amid Iran Peace Progress

Utilities lead with Dominion-NextEra mega-merger while oil majors face pressure; analysts upgrade DVN and OXY as Alaska investment surges

Energy Sector Under Pressure

Bearish
CVX
Energy stocks declined late in the session, with the NYSE Energy Sector Index falling 2.2% as markets reacted to progress on Iran peace negotiations. The broader market finished mostly higher on Iran peace progress, with the S&P 500 Index closing up 0.61% and the Nasdaq 100 Index advancing 1.76%, while the Dow Jones Industrial Average slipped 0.23%. The divergence highlighted sector-specific headwinds for energy companies as geopolitical tensions potentially ease. Oil market participants faced what analysts described as a market in disarray, driven by emotions and news rather than fundamentals.

Oil & Gas Majors

Bullish

Chevron Share Price

$191.43+22.8% YTD

Chevron 1-Year Return

+44.7%+44.7%
XOMCVXCOP
Exxon Mobil ($XOM) shares closed at $149.81 after a strong run, with the stock up 22.1% year to date and 49.3% over the past year, despite falling 7.8% in the past week.
Chevron ($CVX) recently closed at $191.43, showing returns of 0.2% over the past day, down 3.0% over the past week, but up 22.8% year to date and 44.7% over one year.
ConocoPhillips ($COP) is positioning its LNG strategy as a key long-term growth driver, with Port Arthur expected by 2027 and Equatorial Guinea LNG operations aimed at boosting free cash flows in coming years. Oil majors including $XOM, Shell, $COP, and Santos are ramping up investment in Alaska as the Middle East supply crisis boosts demand for secure long-term oil and gas sources, with Alaska's oil revival gaining momentum.

Analyst Upgrades Signal Bullish Oil View

Bullish

Devon Energy Price Target

$62+from $54

Devon Analyst Upside

37%+37%

SLB Share Price

$57.98+1.22%
DVNOXYSLB
Barclays raised the price target on Devon Energy ($DVN) to $62 from $54 and maintained an 'Overweight' rating on the shares, seeing 37% upside amid a bullish oil backdrop. The firm also upgraded Occidental Petroleum ($OXY) to Overweight from Equalweight, marking the third major bank in six trading days to flip its stance on Warren Buffett's largest single oil holding. Wall Street sentiment on $OXY has shifted dramatically after spending most of 2025 sour on the stock.
SLB ($SLB) closed at $57.98, moving up 1.22% from the previous trading session and surpassing market returns. The company announced it will hold a conference call on July 24, 2026, to discuss second-quarter results ending June 30, 2026.

Utilities Sector Transformation

Neutral

Dominion-NextEra Market Cap

$249Bcombined

Combined Rate Base

$138Bcombined

Duke Energy Price Target

$132from $141

Duke Foundation Grant

$130,00010 organizations
NEEDUK
Dominion and NextEra ($NEE) announced plans to merge in a massive all-stock deal, creating a combined company with a market capitalization of more than $249 billion and a rate base of $138 billion. The transformative transaction reshapes the utility sector landscape and positions the merged entity as a dominant force in regulated utilities. Morgan Stanley lowered its price recommendation on Duke Energy ($DUK) to $132 from $141 while reiterating an Equal Weight rating on the shares following a utility sector update.
$DUK announced the Duke Energy Foundation is awarding $130,000 to 10 organizations advancing storm preparedness and community resiliency ahead of the 2026 hurricane season starting June 1.

Corporate Governance Developments

Neutral
XOM
Former BP ($BP) Chairman Albert Manifold pushed back against what he described as a 'false narrative' surrounding his surprise departure from the British supermajor. The dispute highlights ongoing governance challenges at major energy companies as boards navigate energy transition pressures and shareholder expectations. Manifold's public rebuttal underscores tensions within traditional oil and gas companies facing strategic decisions around capital allocation between legacy hydrocarbon assets and lower-carbon investments.

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