Big Oil Outlook Clouded by Volatility

Wednesday, Mar 25, 2026 1:09 pm ET1min read
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Raymond James has adjusted Big Oil earnings expectations due to commodity market volatility and operational disruptions. Analyst Justin Jenkins notes that the firm's estimates have moved significantly higher on recent strip volatility. Exxon Mobil has the most production impacted by outages, with BP and Chevron facing disruptions to 12% and 4% of 2025 volumes, respectively. Downstream complications add further uncertainty. Long-only interest remains elevated despite limited fund flows.

Big Oil Outlook Clouded by Volatility

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