If you are looking for an energy stock to add to your portfolio in 2023, you've probably got industry giants ExxonMobil (NYSE: XOM) and Chevron (NYSE: CVX) on your shortlist. That makes complete sense, but which one is a better investment option?

Let's explore this question further because there are some important subtleties to consider here.

Both ExxonMobil and Chevron are U.S.-based companies with globally diversified portfolios. They are classified as integrated energy majors because of their size and the fact that they have exposure to the upstream (energy drilling), midstream (pipelines), and downstream (refining and chemicals) segments of the industry. The benefit of this is that the different segments of the industry perform differently when oil prices move around. For example, upstream profits fall when oil declines, but that is often a benefit for downstream businesses, which use oil as a key input. 

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Source Fool.com