Key Takeaways
- Chevron and Exxon Mobil have announced big earnings beats, as big oil continues to perform exceptionally well in the face of economic uncertainty
- Profits are down around 40% from the all-time high quarterly figures last year, but they’re still almost double the average performance from the past decade
- For investors looking for protection against a potential upcoming recession, oil companies are an attractive option, but not the only option.
2023 was a big year for big oil. While tech stocks were getting hammered, retailers came under huge pressure and even stalwarts like banks felt the pain, energy producers like Shell and Chevron saw solid growth.
For many investors, oil companies were some of the only holdings that they would have seen finish the year in the green.
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