Chevron vs ConocoPhillips: Which Is the Better Buy as Energy Sector Crushes the Market?

"The company's record production jumped 12% year-over-year, driven by the Hess acquisition, which added 261 thousand barrels of oil equivalent per day. CEO Mike Wirth called it a "significant achievement...integrated Hess, started-up major projects, delivered record production." Chevron's integrated model spans upstream production, refining, chemicals, and emerging energy ventures, including lithium and hydrogen projects. The company returned $12.1 billion in share buybacks for the year and raised its dividend 4% to $1.78 per share."

"Net income dropped 37.3% year-over-year as realized prices declined 19% to $42.46 per barrel of oil equivalent. While total production reached 2,320 thousand barrels per day, underlying production declined 2.6% excluding the Marathon acquisition. CEO Ryan Lance emphasized "driving $1 billion reduction in capital and costs in 2026" and highlighted the company's "best-in-class asset base...deepest and most capital-efficient Lower 48 inventory." ConocoPhillips returned $9 billion to shareholders, representing 45% of cash flow from operations."

Energy led 2026 performance, with the Energy Select Sector SPDR Fund up 21.56% year-to-date and Chevron and ConocoPhillips climbing 20.56% and 19.04% YTD respectively. Chevron reported Q4 2025 revenue of $46.87 billion and adjusted EPS of $1.52, with record production up 12% after the Hess acquisition added 261 thousand barrels of oil equivalent per day. Chevron returned $12.1 billion in buybacks and raised its dividend 4% to $1.78 while operating across upstream, refining, chemicals, and emerging lithium and hydrogen ventures. ConocoPhillips reported Q4 revenue of $14.19 billion and adjusted EPS of $1.02, saw net income fall 37.3% as realized prices declined to $42.46 per boe, and recorded total production of 2,320 thousand barrels per day with underlying production down 2.6% excluding Marathon; ConocoPhillips plans a $1 billion reduction in capital and costs for 2026 and returned $9 billion to shareholders.

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