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Exxon vs. Chevron: Cramer's Big Bet Tested
29 Oct
Summary
- Exxon and Chevron report earnings back-to-back on October 30.
- Jim Cramer recommended swapping Exxon for Chevron on October 15.
- Both oil giants have seen similar stock performance year-to-date.
As of October 30, 2026, investors are scrutinizing whether Jim Cramer's recent call to favor Chevron over ExxonMobil will prove prescient. Both ExxonMobil and Chevron are scheduled to release their third-quarter financial results today, providing a direct comparison of their performance.
Cramer advised on October 15 to "make that swap" from Exxon to Chevron, suggesting Chevron is the "better way to go" unless tax implications are a concern. This recommendation comes as both companies have shown remarkably similar stock growth this year, with Exxon Mobil up 48.4% and Chevron up 47.0% year-to-date.
Exxon's second-quarter earnings were $14.5 billion, with operational cash flow of $23.6 billion, despite a 10% upstream production disruption due to Middle East conflict. Chevron reported adjusted earnings per share of $6.06 and adjusted free cash flow of $15.4 billion, with only about 1% of its production impacted by the same conflict.
Key figures to watch for Exxon include earnings against a $3.98 consensus, the recovery of upstream volumes, and refining margins. For Chevron, investors will focus on earnings against a $4.83 consensus, free cash flow, and the timeline for Project Kilby. If Chevron continues to outperform Exxon in cash generation while Exxon's production issues persist, Cramer's trade gains further support.
