Editorial companion

What stands out

Dryden Pence lays out a clear long-term bull case for ExxonMobil and Chevron centered on rising energy volatility from U.S., Iran tensions and potential disruptions in the Strait of Hormuz, arguing that tightened flows raise the value of large integrated oil producers. He also flags a broader earnings dynamic, corporate profits are rising faster than prices, that he views as a headwind for Wall Street’s aggregate earnings picture, a macro point he uses to contrast sector-specific upside against broader pressure on profits.