RELATIVE CO-MOVEMENT
SPY-adjustedHow the members are behaving together
Group median +0.68Strongest path XOMWeakest path OXY
Observed member paths adjusted against SPY. The median is emphasized; shading marks the latest observation window.
MARKET-DISCOVERED GROUP
Oil & Gas Producers
8 of 8 members show broad activity, but direction is mixed. Treat this as shared attention—not yet a clean group trade.
Participation8 of 8100% active now
DirectionMixed19% agreement—not a clean directional move
Outside confirmation2 of 8filing-linked outsiders moving with the group
Observed history2 episodes2 active sessions
01 · WHAT IS HAPPENING
The move and its drivers
02 · WHY IT MATTERS
The business context around the move
WHY THIS GROUP EXISTS
7/8 members coveredShared filing context
Moderate filing support: the strongest shared 10-Q/K outlook is operating setup (near-term outlook) across COP, CVX, DVN, EOG, OXY, XOM.
demand / volume
“Global industry refining margins moved toward the top of the 10-year historical range in the third quarter, impacted by industry supply outages coupled with strong demand.”
XOM 10-Q · 2025-11-03
demand / volume affecting revenue
“The increase in sales volume was due primarily to higher supply availability as a result of higher production in 2025 compared to 2024 and inventory drawdown to meet strong domestic and international demand in the second quarter of 2025.”
CF 10-K · 2026-02-25
credit / rates affecting interest expense
“The following table summarizes the tax years that remain subject to examination by major tax jurisdiction: Country of Operation Open Tax Years Canada 2001 — 2025 Kazakhstan 2020 — 2025 Papua New Guinea 2008 — 2025 Qatar 2020 — 2025 United Arab Emirates 2024 — 2025 United States 2010 — 2025 The Corporation classifies interest on income tax-related balances as interest expense or interest income and classifies tax-related penalties as operating expense.”
XOM 10-K · 2026-02-18
WHERE IT COULD SPREAD
2 confirming nowFiling-linked outsiders
Companies outside the group that have disclosed links to its members. Their current state is a confirmation check, not a forecast.
HESMMoving with group
CVX · investee
Filing receipt
“In July 2025, the company completed its acquisition of Hess Corporation (Hess).”
EPDMoving with group
OXY · investee
Filing receipt
“Enterprise Acquires Oxy Affiliate, Enters into Service Agreements, and Expands Midland Basin Processing Capacity In July 2025, an affiliate of Enterprise agreed to acqui…”
LBNot confirming
COP · customer
Filing receipt
“There are substantial hydrocarbon resources under and in close proximity to our Stateline Position, which attracts high-quality, well-capitalized producers, including De…”
WBINot confirming
DVN · customer
Filing receipt
“For the year ended December 31, 2025, Devon was one of our largest customers by volume and accounted for approximately $98 million of our water-related revenues, which r…”
03 · WHO IS IN IT
Member participation
XOMEQNRCOPEOGDVNOXYCVXCF
8/8 active8 rising · 0 falling
MemberUnusual activityToday's moveRead now
XOMExxonMobil Holdings Corporation
Most unusual
+2.1%
Most unusualActive; direction differs
EQNREquinor ASA
Elevated
+3.5%
ElevatedActive; direction differs
COPConocoPhillips
Elevated
+1.5%
ElevatedActive; direction differs
EOGEOG Resources, Inc.
Elevated
+1.4%
ElevatedActive; direction differs
DVNDevon Energy Corporation
Elevated
+2.5%
ElevatedActive; direction differs
OXYOccidental Petroleum Corporatio
Elevated
+4.2%
ElevatedActive; direction differs
CVXChevron Corporation
Elevated
+1.5%
ElevatedActive; direction differs
CFCF Industries Holdings, Inc.
Elevated
+0.2%
ElevatedActive; direction differs
View exact member values
| TICKER | Company | Role now | Today | Trader interpretation |
|---|---|---|---|---|
| XOM | ExxonMobil Holdings Corporation | Most unusual | +2.1% | Most unusual activity in this snapshot; performance direction may differ. |
| EQNR | Equinor ASA | Participating | +3.5% | Active, but the group has not aligned on direction. |
| COP | ConocoPhillips | Participating | +1.5% | Active, but the group has not aligned on direction. |
| EOG | EOG Resources, Inc. | Participating | +1.4% | Active, but the group has not aligned on direction. |
| DVN | Devon Energy Corporation | Participating | +2.5% | Active, but the group has not aligned on direction. |
| OXY | Occidental Petroleum Corporatio | Participating | +4.2% | Active, but the group has not aligned on direction. |
| CVX | Chevron Corporation | Participating | +1.5% | Active, but the group has not aligned on direction. |
| CF | CF Industries Holdings, Inc. | Participating | +0.2% | Active, but the group has not aligned on direction. |
04 · HAS THIS HAPPENED BEFORE