8 Best Crude Oil Stocks To Buy Right Now

1. Exxon Mobil Corporation (NYSE:XOM) 

Number of Hedge Fund Holders: 86

Exxon Mobil Corporation (NYSE:XOM) is one of the largest publicly traded international energy and petrochemical companies in the world. The company operates in 60 countries, with a diverse portfolio spanning exploration, production, refining, manufacturing, and activities across its upstream, downstream, and chemical segments. Exxon Mobil Corporation’s (NYSE:XOM) clientele spans industries, governments, and consumers worldwide. The company is investing heavily in advanced technologies to enhance crude oil recovery and improve efficiency.

On November 1, Exxon Mobil Corporation (NYSE:XOM) announced financial results for the three months ended on September 30. The company reported earnings of $8.6 billion, or $1.92 per share assuming dilution. The company generated free cash flow of $11.3 billion. Exxon Mobil Corporation (NYSE:XOM) achieved the highest liquids production in over 40 years with 3.2 million barrels per day and delivered record high-value product sales in Product Solutions, up 10% compared to the prior year-to-date.

In an interview with CNBC, Exxon Mobil Corporation’s (NYSE:XOM) Chairman and CEO Darren Woods, commenting on the company’s financial results, said that the company’s earnings growth was largely driven by internal efforts to streamline and improve operations. Woods stated that the transformation of the organization over the last eight years is beginning to show its benefits.

Woods also mentioned that the company’s earnings per barrel in the upstream business have doubled since 2019 on a flat price basis and that the company has made significant progress in its low-carbon solutions business, including the development of a world-scale carbon capture and storage project. Woods also mentioned that the company’s production levels are not being constrained by external restrictions, but rather by internal discipline to ensure that investments generate returns.

While we acknowledge the potential of Exxon Mobil Corporation (NYSE:XOM) to grow, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than XOM but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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