With the third-quarter 2026 earnings season underway, several companies are already standing out, with the energy sector among the strongest performers.
Indeed, the sector has been on an upward trend, with major companies seemingly benefiting from volatile oil prices, geopolitical tensions and shifting global fuel demand.
While uncertainty over crude oil prices and refining margins persists, some major players have demonstrated strong cash generation, operational resilience and a commitment to shareholder returns.
For investors seeking exposure to the energy sector, Finbold has identified two stocks worth considering following their latest financial results, supported by solid earnings, expanding production and long-term growth opportunities.
ExxonMobil (NYSE: XOM)
ExxonMobil (NYSE: XOM ) delivered strong third-quarter results, reporting earnings of $15.4 billion, or $3.72 per share, compared with $14.5 billion in the previous quarter. Adjusted earnings reached $17.5 billion, or $4.23 per share, beating analysts’ expectations of $4.08.
The company generated $25.7 billion in operating cash flow and $19.1 billion in free cash flow, supporting investments and shareholder returns.
Its Energy Products segment contributed $7.2 billion in earnings, up from $5.5 billion in the second quarter and slightly exceeding the $7.1 billion generated by its Upstream segment.
ExxonMobil also reduced net debt by approximately $8 billion during the quarter and announced plans to repurchase $20 billion in shares in 2027, maintaining its annual buyback level for the third consecutive year.
For dividend investors, the company declared a fourth-quarter dividend of $1.07 per share, marking its 44th consecutive year of annual dividend increases.
Its investments in Guyana, LNG and refining capacity offer further growth opportunities. ExxonMobil has also reached cumulative production milestones of 1 billion barrels in both Guyana and Kearl.
These strengths make ExxonMobil attractive for investors seeking strong cash generation, growing dividends and long-term production opportunities. At press time, XOM shares traded at $187.25 after closing the previous session up 2%.
XOM stock price chart. Source: Finbold
Chevron (NYSE: CVX)
Chevron (NYSE: CVX ) is another energy stock worth considering after reporting stronger profitability and operational performance. The stock has gained more than 50% in 2026, trading at $235 at press time.
CVX stock price chart. Source: Finbold
The company reported third-quarter earnings of $9.9 billion, or $5.06 per diluted share, with adjusted earnings of $5.06 per share exceeding analysts’ expectations of $4.89.
Its downstream business was a major contributor, recording its highest quarterly earnings in at least six years as refining margins improved.
Chevron also achieved record crude throughput at its U.S. refineries, with utilization reaching 98%. Its U.S. production increased 27% over two years, highlighting its ability to expand output.
The company further strengthened its balance sheet, reducing net debt by nearly $14 billion since the end of 2025. Its integration of Hess Corporation’s assets provides exposure to Guyana’s expanding oil production, while investments in the Permian Basin support future growth.
Beyond traditional oil production, Chevron has signed a 20-year agreement to supply 2.67 gigawatts of power to Microsoft’s (NASDAQ: MSFT ) Project Kilby, positioning it to benefit from rising electricity demand from data centers and AI infrastructure.
Together, expanding production, improving refining profitability, and exposure to growing electricity demand make Chevron an interesting option for investors seeking long-term energy sector exposure.
Despite strong third-quarter results, both companies face risks from fluctuating oil prices, operating costs, and global energy demand.
Higher refining margins driven by geopolitical disruptions could also normalize as conflicts ease and damaged refineries resume operations.
Featured image via Shutterstock
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