Oil producers mixed in 2025 as Brent heads for longest stretch of annual losses

Shares of oil and gas producers are set to conclude 2025 on a mixed note, as oil prices fell through the year on oversupply concerns in a year marked by wars, higher tariffs and OPEC+ output and sanctions on Russia, Iran and Venezuela

Brent crude futures LCOc1 are down nearly 18% in 2025, its steepest annual drop since 2020 - on track for a third straight yearly decline, its longest losing streak on record

Brokerage Mizuho in a dated note said despite bearish sentiment on oversupply and high gas storage, it sees long-term value in E&Ps that could emerge in 2026, favoring oil E&Ps with selective gas exposure while turning neutral on refining

Energy majors Exxon Mobil XOM.N up 12.5% YTD and Chevron CVX.N up 5.2%

Both majors benefited from recent big ticket acquisitions of (Pioneer Natural Resources and Hess, respectively) but a long-drawn arbitration battle over Hess' stake in Guyana weighed on CVX shares

APA Corp APA.O up ~7% YTD, Devon Energy DVN.N jumped 12.5% and EQT Corp EQT.N gained 18.5%

Ovintiv OVV.N lost 2.3%, while ConocoPhillips COP.N, Liberty Energy LBRT.N and Diamondback Energy dropped between 5% to 7.7%

EOG Resources EOG.N shares lost ~14% in 2025 while Occidental Petroleum OXY.N over 16%

OXY is among the worst performers in the S&P 500 Energy Sector .SPNY; co forecast forecasts flat production, lower spending in 2026