Energy Stocks Follow Exxon and Chevron’s Earnings Releases

It was a good week for energy stocks with Exxon Mobil (NYSE:XOM) and Chevron Corp. (NYSE:CVX) reporting strong third quarter earnings, driven in part by higher oil prices.

Exxon (NYSE:XOM) returned to the top this week with its market capitalization hitting $395 billion.  It is now the biggest U.S. public company and its strong third quarter earnings report helped the company get there.

Exxon (NYSE:XOM) reported a third consecutive quarter of profits with a 41 percent profit increase to more than $10 billion and $125 billion in revenues the third quarter. This surpassed forecasts by more than $10 billion and $0.01 per share.

The company bought back $5 billion in stock in the third quarter and will buy back another $5 billion this quarter.

Chevron (NYSE:CVX) reported its third quarter earnings on Friday with news that its profit doubled in the quarter. The company earned $7.8 billion ($3.92 per share) up from $3.8 billion, or $1.87 per share from the previous year.

Revenue jumped to $64.4 billion, up from $49.7 billion. These numbers surpassed analysts’ targets of $3.47 per share on revenue of $70.4 billion.

On the downside for Chevron (NYSE:CVX)? It’s third quarter report showed light production numbers.