News
The day at a glance · 3 min read
Mood · Cautious
+15
Sentiment, −100 to +100
XOM 5-Year Total Return
213.8%
Oil & Gas Majors
Oil Price
$108
Oil & Gas Majors
Oil Price (Brent)
$108
Geopolitical Supply Risks
Key driverOil trading above $108 per barrel amid geopolitical tensions over Strait of Hormuz, while integrated majors prepare for Q3 earnings
Daily briefEnergy· Money365.Market AI ·

Chevron Vietnam Deal, Oil Majors Eye Earnings Season

Chevron signs Vietnam energy supply agreement while oil sector enters Q3 earnings with strongest balance sheets in years

Oil & Gas Majors

Bullish
CVXXOM
Chevron ($CVX) signed an agreement with Vietnam's PVN for potential crude oil, LNG, and LPG supply to Vietnam, opening cooperation on refining, import infrastructure, storage projects, and emission reduction initiatives, though the partnership focuses on long-term supply options rather than fixed volumes or start dates at this stage.
ExxonMobil ($XOM) has delivered a total return of 213.8% over the past five years, with shares near recent highs raising questions about whether cash flow generation justifies the current valuation. The oil sector is entering 2027 with its strongest balance sheets in years, a complete reversal from 2020 when leverage increased amid lower oil prices.
TD Cowen identified leading integrated oil companies positioned for strong third-quarter results, with TotalEnergies topping the list as excess cash generation builds across the sector ahead of earnings season.

Geopolitical Supply Risks

Bearish

Potential Energy Bill Impact

$1,465
CVX
Crude oil prices jumped following President Donald Trump's rejection of an Iranian proposal to reopen the Strait of Hormuz, pushing oil above $108 per barrel and triggering gains in energy stocks including Crescent Energy and Kosmos Energy in pre-market trading.
A looming Supreme Court case could determine whether energy companies or everyday households foot a bill that one analysis puts in the billions, with climate lawsuits moving through courts across the country. Justice Samuel Alito recused himself from Suncor v. Boulder, the landmark climate deception case opening the Supreme Court's new term on October 5, following calls to step aside over his investments in oil companies facing climate lawsuits.

Renewables & Clean Energy

Bearish
FSLR
First Solar ($FSLR) faces medium-term pricing pressure due to high US inventory levels and slow project starts, according to KeyBanc analyst Sophie Karp, who upgraded the stock to Sector Weight while highlighting these headwinds.

Utility Sector

Neutral

Dominion 3-Year Return

65.2%

PPL Infrastructure Investment

$23B
NEE
Dominion Energy ($D) has delivered a 65.2% return over the past three years, though the stock has faced pressure in recent weeks as the valuation conversation is increasingly tied to earnings power amid scrutiny of the merger proposal involving NextEra ($NEE) in Virginia.
PPL is cutting operating costs and investing $23 billion through 2029 in infrastructure and technology to support 6-8% annual earnings growth, focusing on improving operating efficiency.
Energy markets on edge as oil trades above $108 per barrel and borrowing costs climb are pushing governments and utilities to reconsider stable, low-fuel nuclear power, drawing attention to companies tied to uranium supply and reactor technology.

Exploration & Production

Neutral

DVN Gain (Thursday)

1.8%+1.8%

YTD Performance (Both)

~30%+30%
DVNVLO
Reuters reported on September 24, 2026 that BP studied buying Devon Energy ($DVN)'s Eagle Ford assets in South Texas before walking away, according to one source. BP shares fell 3.4% on Friday, while Devon closed 1.8% higher on Thursday, with both stocks up nearly 30% this year and trading below 10 times earnings.
Valero Energy ($VLO) fits a high growth momentum screen with strong technicals and setup, signaling fundamental momentum plus a breakout-ready chart.

Looking Ahead

Neutral
SLB
SLB ($SLB) will hold a conference call on October 23, 2026, to discuss results for the third quarter ending September 30, 2026.
TD Cowen's Jason Gabelman identified leading integrated oil companies positioned for strong third-quarter results ahead of earnings season, with the sector entering the reporting period with stronger balance sheets than in recent years.

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