Oil Price Surge Favors Chevron Over Exxon Amid Stronger Valuation
Chevron and Exxon are two of the largest oil companies in the world. As crude oil prices surge, investors are looking for which stock offers more upside.
WTI Futures have risen by 10.64% over one week to $92.33 as of September 3, 2026. This price increase benefits both Chevron and Exxon, but Chevron has a stronger near-term setup. It offers 6.8% Fair Value Upside compared to Exxon's 1.7%.
Chevron's advantage lies in its valuation and income. Its debt-to-equity ratio is higher than Exxon's at 19.5%, but it provides a larger dividend yield of 3.4%. Chevron also reported a stronger Q2 earnings beat, with EPS at $6.06 compared to the estimate of $5.11. Analysts have raised its 60-day EPS consensus by 10.15%.
Exxon is the larger cash-generation machine, with EBITDA of $67.94B and levered free cash flow of $30.55B as of June 30, 2026. However, it missed EPS expectations by 3.83%. Exxon's momentum partly explains why its stock has less modeled upside.