Apr
27
Remember This As You Pay At The Pump
Filed Under: Interesting
NEW YORK (Dow Jones) — Exxon Mobil’s profit is expected to jump as much as 30% when it reports its first-quarter earnings next week as the oil giant joins the crowded stage of $120 oil, U.S. retail gasoline prices approaching $4 a gallon and flare-ups in the geopolitical scene from Nigeria to the Persian Gulf.
Wrapping up the first three months in world history with oil at $100 a barrel and rising fast, Wall Street expects Exxon Mobil (XOM) to boost net income handily to $2.10 a share from $1.62 a share posted in the year-ago quarter.
The most bullish analyst first-quarter predications come in near $12 billion a share for Exxon Mobil, which remains the largest corporation in the world by market cap and yearly profit. In the year-ago period, Exxon reported net income of $9.3 billion.
Meanwhile, No. 2 U.S. integrated oil giant Chevron (CVX) is on tap to deliver earnings of $2.39 share, compared to $2.18 a share in the year-ago period.
The two oil majors will reign over a flurry of energy sector profit updates in recent days, with ConocoPhillips (COP) and Occidental Petroleum (OXY) powering past Wall Street estimates.
With oil prices spiking and gasoline prices up but lagging, conditions continued to favor the exploration and production side of the business in the three months ended March 31.
ConocoPhillips, for example, said profit grew 17% mostly because of its oil production, while its downstream profit ebbed on tighter profit margins.
Occidental (OXY), with its production-rich side of the business, saw its shares jump 4% to $86.29 on Friday as analysts cheered its results.
UBS oil analyst William Featherston noted the oil producer has been a laggard of late, but that its business could be propelled by a number of factors, including projects in the United Arab Emirates, and a potential win in Bahrain.
Although shares of Diamond Offshore (DO) and BJ Services (BJS) were bruised with their earnings updates, plenty of standouts remain, among them Southwestern Energy (SWN) on Friday.
Viewed 6 Times | Email This Post | Print This PostRelated Posts:
Comments
Leave a Reply