Let’s dig into the relative performance of Occidental Petroleum (NYSE: OXY) and its peers as we unravel the now-completed Q4 diversified upstream e&p earnings season.

Large cap diversified exploration and production (E&P) companies operate global portfolios spanning multiple basins and resource types, providing geographic and commodity diversification. Scale enables operational efficiencies, capital market access, and investment in advanced technologies. Tailwinds include disciplined capital allocation improving shareholder returns, diversified production bases reducing single-asset risk, and strong balance sheets supporting dividend programs. Headwinds include commodity price volatility affecting earnings, regulatory and geopolitical risks across operating regions, and ESG pressures challenging long-term investment theses. The energy transition creates strategic uncertainty around reserve life and future demand trajectories.

The 6 diversified upstream E&P stocks we track reported a mixed Q4. As a group, revenues beat analysts’ consensus estimates by 3%.

Luckily, diversified upstream E&P stocks have performed well with share prices up 11.7% on average since the latest earnings results.

Occidental Petroleum (NYSE: OXY)

Backed by Warren Buffett's Berkshire Hathaway as a major shareholder, Occidental Petroleum (NYSE: OXY) explores for, develops, and produces oil, natural gas liquids, and natural gas, primarily in the United States and Middle East.

Occidental Petroleum reported revenues of $5.42 billion, down 20.7% year on year. This print fell short of analysts’ expectations by 6%. Overall, it was a slower quarter for the company with a miss of analysts’ EBITDA estimates.

Occidental Petroleum delivered the weakest performance against analyst estimates and slowest revenue growth of the whole group. Interestingly, the stock is up 21.5% since reporting and currently trades at $57.24.

Is now the time to buy Occidental Petroleum? Access our full analysis of the earnings results here, it’s free.

Best Q4: Chevron (NYSE: CVX)

Operating everything from deepwater drilling rigs to corner gas stations, Chevron (NYSE: CVX) explores for, produces, and transports crude oil and natural gas, then refines that crude oil into gasoline, diesel, and other petroleum products.

Chevron reported revenues of $46.87 billion, down 10.2% year on year, outperforming analysts’ expectations by 2.6%. The business had a strong quarter with a beat of analysts’ EPS and EBITDA estimates.

The market seems happy with the results as the stock is up 8.1% since reporting. It currently trades at $184.97.

Is now the time to buy Chevron? Access our full analysis of the earnings results here, it’s free.

Weakest Q4: ExxonMobil (NYSE: XOM)

One of the successor companies to John D. Rockefeller's Standard Oil monopoly that was broken up in 1911, ExxonMobil (NYSE: XOM) explores for and produces crude oil and natural gas, refines and sells petroleum products, and manufactures petrochemicals.

ExxonMobil reported revenues of $82.31 billion, down 1.3% year on year, falling short of analysts’ expectations by 1.2%. It was a softer quarter as it posted a significant miss of analysts’ EBITDA estimates.

Interestingly, the stock is up 5.6% since the results and currently trades at $148.42.

Read our full analysis of ExxonMobil’s results here.

Coterra Energy (NYSE: CTRA)

Operating some of the country's largest natural gas wells in Pennsylvania's Marcellus Shale, Coterra Energy (NYSE: CTRA) drills for and produces oil, natural gas, and natural gas liquids from underground shale formations.

Coterra Energy reported revenues of $1.96 billion, up 34.7% year on year. This number topped analysts’ expectations by 5.2%. Taking a step back, it was a slower quarter as it recorded a significant miss of analysts’ EPS estimates and a miss of analysts’ EBITDA estimates.

Coterra Energy scored the fastest revenue growth among its peers. The stock is up 12.2% since reporting and currently trades at $33.68.

Read our full, actionable report on Coterra Energy here, it’s free.

ConocoPhillips (NYSE: COP)

Operating the famous Prudhoe Bay field discovered in 1968 that transformed Alaska's economy, ConocoPhillips (NYSE: COP) explores for and produces crude oil, natural gas, and liquefied natural gas across North America, Europe, Asia, and Africa.

ConocoPhillips reported revenues of $14.19 billion, down 3.7% year on year. This print beat analysts’ expectations by 6.7%. All in all, it was a satisfactory quarter for the company.

The stock is up 13.2% since reporting and currently trades at $121.79.

Read our full, actionable report on ConocoPhillips here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

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