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Oil majors now return $30B-$50B annually through dividends and buybacks while growing, a complete reversal from pre-2017 management that destroyed capital chasing volume.
The analyst who called NVIDIA in 2010 just named his top 10 stocks and ConocoPhillips wasn't one of them.Get them here FREE.
On a recent episode ofThe Real Eisman Playbook, Bernstein Research senior energy analyst Bob Brackett made a claim that should change how income investors look at the oil majors.
"Don't compare the yields you get from a commodity company to government yields.
These are inflation protected," he told host Steve Eisman.
That single reframing is the entire bull case for owningExxon Mobil(NYSE:XOM),Chevron(NYSE:CVX), andConocoPhillips(NYSE:COP) in a portfolio's income sleeve.
A 10-year Treasury today pays 4.57% in nominal terms.
That TIPS number is the honest benchmark for any asset whose cash flows adjust to inflation.
An Exxon or Chevron dividend is, by definition, indexed to a barrel of oil.
Brackett's clearest articulation: "My 3% dividend from Exxon, if the dollar devalues, the barrel of oil gets more valuable and they'll sustain that." A fixed Treasury coupon cannot do that.
The bond pays the same dollars whether the dollar buys a loaf of bread or half a loaf next year.
The company posted a $1.03 per share Q2 2026 dividend payable June 10, 2026, sitting on a 43-year dividend growth streak and a planned $20 billion of share repurchases in 2026.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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