2 of the Best Oil Stocks to Buy Now and Hold for Decades

By Reuben Gregg Brewer – Mar 24, 2026 at 8:15PM ESTKey PointsOil prices are rising today thanks to the geopolitical conflict in the Middle East.Long-term investors need to be prepared for what happens when oil prices start to fall.The geopolitical conflict in the Middle East is making huge headlines, and so is the resulting rise in oil and natural gas prices. Investors looking at the energy sector today need to consider more than the current upswing in energy prices if they want to buy an energy stock and hold it for the long term. Which is why ExxonMobil (XOM +2.54%) and Chevron (CVX +0.77%) should be top picks for those with a multi-decade investment time frame. Exxon and Chevron are built to survive The core business of Exxon and Chevron is producing oil and natural gas, which is known as the upstream. The upstream is almost entirely driven by energy prices, which means right now, upstream businesses are benefiting from the rise in oil and gas prices. However, that isn't where Exxon and Chevron stop. Image source: Getty Images. These two energy giants also transport energy (the midstream) and process it in their chemical and refining plants (the downstream). Midstream operations, which charge fees for transporting energy, tend to provide fairly reliable income regardless of oil prices. Downstream businesses often benefit from low energy prices, since oil and natural gas are key inputs. Having exposure to the entire energy value chain limits the upside Exxon and Chevron will see from rising oil prices. However, it also limits the downside when oil prices fall. History shows that oil prices are inherently volatile, rising and falling in dramatic and sometimes rapid fashion. If you buy today, when oil prices are high, you need to be prepared for the time when they are low if you intend to be a buy-and-hold energy investor. ExpandNYSE: XOMExxonMobilToday's Change(2.54%) $4.09Current Price$165.22Key Data PointsMarket Cap$671BDay's Range$161.75 - $167.4752wk Range$97.80 - $167.48Volume1.3MAvg Vol21MGross Margin21.56%Dividend Yield2.51% Exxon and Chevron are rewarding dividend investors well Not only do Exxon and Chevron have businesses built to handle the energy industry's normal swings, but they also have strong balance sheets. Their low debt-to-equity ratios of roughly 0.2x and 0.25x, respectively, give them the leeway to add debt during industry downturns, enabling them to continue supporting their businesses and dividends until oil prices recover. ExpandNYSE: CVXChevronToday's Change(0.77%) $1.58Current Price$206.79Key Data PointsMarket Cap$409BDay's Range$205.81 - $209.7952wk Range$132.04 - $209.79Volume17MAvg Vol12MGross Margin14.66%Dividend Yield3.37% Which brings up the dividends. Exxon's yield is 2.5%, and Chevron's is 3.5%. Both have increased their dividends annually for more than a quarter of a century. If you are a dividend investor, these two diversified industry giants will likely fit well in your portfolio. Energy is vital to the world, and most investors should have some exposure to the sector. If you are thinking about adding that exposure today, as oil prices are on the rise, you should think about what happens when prices eventually fall. Exxon and Chevron are built to survive that price decline while continuing to reward you with reliable dividends.Read NextMar 23, 2026 •By Matt DiLalloTrump Postponed a Strike In Iran, and Oil Stocks Are Falling. As an Energy Investor, Here's What I'd Do Next.Mar 23, 2026 •By Keith SpeightsThe Best Stocks to Invest $1,000 in Right NowMar 22, 2026 •By Matt DiLalloBetter Oil Stock: Chevron vs. Occidental PetroleumMar 22, 2026 •By Lee Samaha3 Energy Stocks You'll Want to Own if Oil Soars Above $100 per BarrelMar 21, 2026 •By Scott Levine2 Great Dividend-Paying Oil Stocks to Buy as Oil SurgesMar 20, 2026 •By Stefon WaltersWhat Is One of the Best Energy Stocks to Hold for the Next 10 Years?About the AuthorReuben Gregg Brewer is a contributing Motley Fool stock market analyst covering energy, utilities, REITs, and consumer staples. He is the former director of research at Value Line Publishing, where he rose from mutual fund analyst to equity analyst before leading all research operations. Reuben holds a bachelor’s degree in psychology from SUNY Purchase, a master’s in social work from Columbia University, and an MBA from Regis University. He has been featured as a financial expert on CNBC and in the Financial Times, Barron’s, and InvestmentNews.TMFReubenGBrewerStocks MentionedChevronNYSE: CVX$206.79(+0.77%)+$1.58ExxonMobilNYSE: XOM$165.22(+2.54%)+$4.09*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.