The end of an earnings season can be a great time to discover new stocks and assess how companies are handling the current business environment. Let’s take a look at how Chevron (NYSE: CVX) and the rest of the diversified upstream e&p stocks fared in Q4.

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 slower Q4. As a group, revenues beat analysts’ consensus estimates by 2%.

Luckily, diversified upstream e&p stocks have performed well with share prices up 12.5% on average since the latest earnings results.

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. This print exceeded analysts’ expectations by 2.6%. Overall, it was a strong quarter for the company with a beat of analysts’ EPS and EBITDA estimates.

Interestingly, the stock is up 11.8% since reporting and currently trades at $191.41.

We think Chevron is a good business, but is it a buy today? Read our full report here, it’s free.

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, outperforming analysts’ expectations by 10.7%. The business had a strong quarter with EBITDA in line with analysts’ estimates.

Devon Energy pulled off the biggest analyst estimates beat among its peers. The market seems happy with the results as the stock is up 7.3% since reporting. It currently trades at $47.26.

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

Weakest Q4: 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, falling short of analysts’ expectations by 0.8%. It was a softer quarter as it posted a significant miss of analysts’ EPS and EBITDA estimates.

Interestingly, the stock is up 10.2% since the results and currently trades at $33.08.

Read our full analysis of Coterra Energy’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 print beat analysts’ expectations by 6.7%. Overall, it was a satisfactory quarter for the company.

The stock is up 14.8% since reporting and currently trades at $123.49.

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

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. This result came in 1.2% below analysts' expectations. It was a softer quarter as it also recorded a significant miss of analysts’ EBITDA estimates.

The stock is up 8.4% since reporting and currently trades at $152.37.

Read our full, actionable report on ExxonMobil 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.

Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Quality Compounder Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.