{
  "id": 19245884,
  "title": "Exxon and Chevron Are Near Record Highs. Here's What History Says Happens Next.",
  "url": "https://urgent.news/2026/11/09/exxon-and-chevron-are-near-record-highs-heres-what-history-says",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-09T23:15:00.000Z",
  "source": {
    "name": "Motley Fool",
    "slug": "motley-fool",
    "url": "https://www.fool.com/investing/2026/11/09/exxon-and-chevron-are-near-record-highs-heres-what/?source=iedfolrf0000001"
  },
  "original_language": "en",
  "account": "ExxonMobil and Chevron are among the world's largest energy companies, with share prices currently at record highs. This surge is primarily attributed to high energy prices, a situation that is not expected to persist indefinitely. What truly matters about these two corporations is their ability to thrive throughout the entire energy cycle while simultaneously providing investors with consistent dividends. The following information elucidates their characteristics and performance. ExxonMobil and Chevron are classified as integrated energy companies, meaning they operate across the entire energy sector, from exploration (upstream) to transportation and refining (downstream). This extensive reach is designed to mitigate the impact of fluctuating commodity prices. However, their revenue and earnings heavily rely on energy prices. When oil prices soar, they prosper; conversely, when prices plummet, they may incur losses. Energy, being a commodity, is notorious for its volatility, influenced by supply and demand, natural and man-made calamities, and geopolitical tensions. Currently, oil prices are elevated due to the ongoing Middle East conflict. Historically, such conflicts inevitably conclude, leading to a decrease in oil prices. Consequently, Exxon and Chevron's stock prices would also decline. Patience would be beneficial for investors, suggesting that purchasing these companies when energy prices are low could yield higher returns. Exxon and Chevron, cognizant of the cyclical nature of the energy sector, maintain low debt-to-equity ratios of 0.13x and 0.17x, respectively, the lowest in their peer group. This financial prudence allows them to leverage debt during downturns, sustain operations, and continue paying dividends. Dividend growth is another hallmark, with Exxon increasing its dividend annually for 43 consecutive years, and Chevron following closely at 38 years. These facts underscore the efficacy of their diversified business models, fortified by robust balance sheets, making them reliable dividend-focused investment options. Nevertheless, the opportune moment to invest in Exxon and Chevron depends on market conditions. If immediate action is required, investing in either could be justified. However, during the unprecedented oil downturn caused by the coronavirus pandemic, Exxon's yield surged above 10%, while Chevron's surpassed 9%. While not historically low, these yields were notably high. It's crucial to note that such extreme downturns are not unprecedented in the history of oil. Therefore, patience might be warranted, as waiting for a future oil downturn could drive stocks towards more appealing yields. Energy remains indispensable to our contemporary world, warranting some level of investment in any portfolio. Exxon and Chevron provide viable options in most scenarios. However, given the unpredictable nature of energy prices, waiting for lower oil prices and potentially lower share prices might be prudent. For more insightful investment advice, consult The Motley Fool's premium services.",
  "summary": "These integrated energy giants are built to survive the entire energy cycle.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Nasdaq Markets",
        "title": "Exxon and Chevron Are Near Record Highs. Here's What History Says Happens Next.",
        "url": "https://urgent.news/2026/11/09/exxon-and-chevron-are-near-record-highs-heres-what-history-says-19246964",
        "published": "2026-11-09T23:35:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}