While much of the current inflation discourse has centered around tariffs and trade policies, the price of oil serves as a more immediate indicator that inflation may be on the rise.
As of September, crude oil prices have decreased by approximately 12% this year. However, several factors could lead to a bullish outlook for crude oil in the coming three to six months.
Firstly, OPEC+ nations have committed to maintaining their production cuts, which could significantly impact the market as the United States enters a seasonal period of increased refinery demand. Additionally, a recent unexpected decline in U.S. crude inventory has heightened the risk premium associated with potential supply disruptions.
Moreover, despite the Trump administration’s efforts to encourage oil companies to drill freely, crude oil prices hovering around the $60-per-barrel range make drilling less appealing. If oil demand rises, the market could face a supply shortage. This demand may be fueled by increased commercial activity driven by lower interest rates.
However, rising oil prices are not guaranteed in the short term. Therefore, investors should consider three oil stocks that offer growth potential in a bullish scenario while still providing good value regardless of oil price fluctuations.
Exxon Mobil: Reliable Dividends and Permian Scale
Exxon Mobil Corp. (NYSE: XOM) has been trading within a defined range since the start of 2024, making it an attractive value stock. This stability is a compelling reason to consider owning it. XOM stock boasts an attractive dividend yield of around 3.5%, and the company has consistently increased its dividend for 42 consecutive years.
In its most recent quarter, Exxon announced $5 billion in share buybacks, underscoring its commitment to capital discipline.
Operationally, Exxon is a leading producer in the Permian Basin, one of the world’s most productive oil fields. This scale enables Exxon to safeguard its margins even when oil prices dip below $60, which has been the case for much of 2025. If prices rise toward $80 or higher, the resulting earnings growth could accelerate Exxon’s free cash flow, benefiting both income-focused and growth-oriented investors.
Chevron: Diversification Through LNG and Guyana Assets
Chevron Corporation (NYSE: CVX) shares many strengths with Exxon, including significant exposure to the Permian Basin. This footprint expanded further following the merger with Hess, which added valuable assets in Guyana’s offshore fields, expected to deliver low-cost barrels for decades.
Chevron stands out for its substantial involvement in international LNG operations in Australia, supplying millions of tons of LNG annually. This diversification will provide long-term, stable cash flows, particularly as Asian markets transition from coal to cleaner-burning natural gas.
On the shareholder return front, CVX stock offers a 4.4% dividend and has increased its payout for 38 consecutive years, making it a favorite among dividend investors.
With a relatively clean balance sheet compared to peers, Chevron has leveraged its diversified portfolio to protect cash flow amid pressure on crude oil prices in 2025. If prices stabilize, investors could see significant upside in both total return and dividend safety.
SLB: A High-Beta Bet on Oilfield Spending
Unlike Exxon and Chevron, SLB (NYSE: SLB) does not engage in oil drilling but provides the technology and services essential for drilling operations. This positions SLB (formerly Schlumberger) as a leveraged play on rising oil prices.
When crude prices increase, exploration and production companies typically ramp up their spending, and as the leading oilfield services provider, SLB directly benefits from this capital cycle.
SLB has a presence across North America, the Middle East, and offshore markets. Its integrated model encompasses drilling, completions, and digital solutions, allowing it to capture value throughout the upstream sector.
If crude oil prices trend toward $90–$100 in the coming months, SLB could experience a surge in demand for its services, positioning it for faster earnings growth than integrated majors. This anticipated demand is reflected in analysts’ consensus stock price of $52.18, nearly 52% higher than its current trading level. This presents an attractive growth opportunity alongside an appealing 3.35% dividend yield.
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
