Top companies in the energy industry are soaring this year, with most of them trading to their all-time highs as crude oil prices surge ahead of the quarterly updates. 2, up by 46% this year, with its market capitalization hitting $753 billion.
Chevron (NYSE:CVX) has soared by 42% this year, with its valuation hitting $460 billion. ConocoPhillips (NYSE:COP) has risen by 50%, while Shell (NYSE:SHEL) has jumped by over 42%.
Other energy companies like Marathon Petroleum, Devon Energy, and BP have also rallied. President Donald Trump is considering launching another round of attacks against Iran.
Iran has warned that any such attack will lead to a major response targeting fibre cables passing through the Strait of Hormuz. 4 and $103, respectively.
As a result, the companies will continue announcing strong earnings numbers this year. Read Also: Blackstone CEO Dismisses AI Bubble Fears: 'Critical Scarcity of Supply Has Intensified' Big Oil Earnings Expected to Soar Oil companies have emerged as the biggest beneficiaries of the geopolitical tensions.
The energy sector is the best performer in the S&P 500, up 45% this year, followed by industrials and technology, which have gained 38% and 21%, respectively. These companies are expected to publish strong earnings.
8 billion, up by 48%. 94 billion.
These companies are also expected to boost their shareholder returns. In July, Shell launched a new $3 billion buyback as its profits soared.
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