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Chevron and ExxonMobil beat earnings expectations when oil prices were flat on their back.

So imagine what they'll do now that crude's back in the black.

Oil prices weren't working in Exxon and Chevron's favor last quarter, trending down over the three-month period.

That helped send the pair's annual profits to their weakest since 2021.

Yet, both firms still managed to beat expectations.

Exxon churned out around $6.5 billion in profit, while Chevron managed a flat $3 billion.

See, even though lower prices weighed on revenue, the duo made up ground by cutting costs and pumping out more.

In fact, Chevron upped production of oil and gas by a fifth, while Exxon's output was the highest in 40 years.

Chevron even raised its dividend again, cementing its place as the biggest payer among the S&P 500's top 50 companies.

Exxon, for its part, held firm on its $20 billion a year buyback plan, which, all else equal, should increase the value of its shares.

Oil prices weren't just low in the last quarter of 2025.

They fell about 20% over the year.

But so far, 2026 has marked a change.

The benchmark oil price is up 13%, with the main energy sector ETF, Energy Select Sector Spider, matching that uptick.

That officially makes energy the best performer of all U.S.