Let’s dig into the relative performance of Devon Energy (NYSE: DVN) 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 5 diversified upstream e&p stocks we track reported a mixed Q4. As a group, revenues beat analysts’ consensus estimates by 3.6%.
Luckily, diversified upstream e&p stocks have performed well with share prices up 10.6% on average since the latest earnings results.
Devon Energy (NYSE: DVN)
With operations spanning from the oil-rich Delaware Basin to the Bakken formation of North Dakota, Devon Energy (NYSE: DVN) explores for and produces oil, natural gas, and natural gas liquids from wells drilled across the United States.
Devon Energy reported revenues of $4.06 billion, down 10.6% year on year. This print exceeded analysts’ expectations by 10.7%. Overall, it was a strong quarter for the company with EBITDA in line with analysts’ estimates.
Devon Energy achieved the biggest analyst estimates beat but had the slowest revenue growth of the whole group. Unsurprisingly, the stock is up 5.4% since reporting and currently trades at $46.41.
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 15.3% since reporting. It currently trades at $197.36.
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.
ExxonMobil delivered the weakest performance against analyst estimates in the group. Interestingly, the stock is up 11.4% since the results and currently trades at $156.47.
Read our full analysis of ExxonMobil’s results here.
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 result beat analysts’ expectations by 6.7%. All in all, it was a satisfactory quarter for the company.
The stock is up 13.5% since reporting and currently trades at $122.15.
Read our full, actionable report on ConocoPhillips here, it’s free.
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 $1.85 billion, up 27% year on year. This print missed analysts’ expectations by 0.8%. It was a softer quarter as it also produced a significant miss of analysts’ EPS and EBITDA estimates.
Coterra Energy delivered the fastest revenue growth among its peers. The stock is up 7.3% since reporting and currently trades at $32.21.
Read our full, actionable report on Coterra Energy here, it’s free.
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