Add coconut oil, beeswax, and shea butter to a medium bowl or mason jar.
Add 1" of water to a small pot and bring to a boil. If using a bowl, place on top of the pot. If using a mason jar, place inside the pot. Make sure no water comes in contact with the ingredients in the bowl/mason jar.
Continue boiling until all ingredients are melted. Add more water to pot if it evaporates before the ingredients are melted.
Once melted, remove from heat and add essential oils. Stir well.
Pour into lip balm tubes or tins.
Allow to sit undisturbed until completely solid, about 15 minutes.