HOUSTON — U.S. oil producers have seen their stock values increase between 20% and 70% in 2024 following price increases related to the Iran war. Chevron and Exxon Mobil shares each reached all-time highs in late March.

Chevron's shares increased approximately 22% this year, and its market capitalization exceeds $370 billion. Exxon shares also increased approximately 22% this year, with its market capitalization exceeding $600 billion. Other companies experienced larger gains, with SM Energy shares increasing approximately 70% since January 1. Marathon Petroleum and Valero Energy shares each increased approximately 60% this year. Venture Global shares increased over 90% in 2024, while Ovintiv, Chord Energy, and APA Corp. shares each increased approximately 50% year-to-date. Cheniere Energy shares rose approximately 25% this year.

Chevron Chairman and CEO Mike Wirth said, "The U.S. and the Americas are very well set up with strong energy resources and a lot of access to blue-water ports." He added, "I do think you'll see this country and this hemisphere become a more important part of the global energy system." Rebecca Babin, a senior equity trader for CIBC Private Wealth, said, "We didn't get the spike to $150, $200 [oil] and, in a way, that's made this conflict even more bullish for the longer end of the curve." She added, "There is probably a bigger pull on U.S. barrels because I want to have that secure barrel without a lot of risk premium built in."

James West, an energy analyst at Melius Research, said, "We've underexplored for a decade, and now we're finally seeing exploration budgets get bumped up." He added, "Some of the big explorers out there like Chevron, Exxon, and BP are now looking for the next big play." Since the Iran war began, the U.S. administration has withdrawn 66 million barrels from the Strategic Petroleum Reserve as of June 5. Companies purchasing barrels from the reserve have pledged to replenish them. The U.S. reserve volumes are currently at their lowest level since 1983. The Trump administration authorized the release of 172 million barrels from the reserve. Oil prices have not reached $200 per barrel due to reserve exports, reduced Chinese imports, and international conservation efforts. Drivers are paying above $4 per gallon for gasoline.