Chevron Corporation (CVX) announced earnings for the first quarter of its fiscal 2014 (1QFY14; ended March 31, 2014) before the opening bell today. The stock price of the San Ramon, California-based oil supermajor was down 1.5% in initial trading hours after the company missed revenue estimates for the quarter and reported a 27% decline in profits.
The shale oil boom in the US brought with it production gains and also pitfalls like the drop in oil prices which hit oil companies' revenue.
The upstream sector experienced a fall in profits due to the lower prices coupled with the higher cost of oil and gas exploration, however the downstream sector did better as the companies saw production costs fall, leading to improved refining margins.
Diversified oil giant Exxon Mobil (XOM) reported weak third quarter results Thursday morning. The firm saw revenue decline 7% year-over-year to $115.7 billion, which was slightly better than consensus expectations. Earnings per share fell just 2% year-over-year to $2.09, which also exceeded consensus estimates.
Exxon Mobil Corp. (XOM) is set to report FQ1 2014 earnings before the market opens on Thursday, May 1st. Exxon Mobil is a multinational oil corporation based in Texas which boasts the third highest annual revenue of all companies globally. XOM shares started the year on a sour note before mid February when energy and utility stocks became market leaders while tech and high flier growth stocks sold off. Since early February lows Exxon Mobil stock has rallied 13.5%.
The research analysts at Credit Suisse Group AG (ADR) (CS) have upgraded the rating of ConocoPhillips (COP) to Neutral owing to the company’s third-quarter performance. ConocoPhillips achieved its targets at a time when crude oil price is at its lowest in four years. The analysts have provided the stock a target price of $75.
US oil giant ExxonMobil reported an 18 percent decline in quarterly profits Thursday due to weaker refining earnings, but results bested expectations as oil and gas output stabilized.Exxon, the largest US oil company, said third-quarter profits were $7.9 billion on revenues of $112.4 billion, down from $9.6 billion on revenues of $115.1 billion in the year-ago period.Those results translated into earnings per share of $1.79, two cents above analyst estimates. Revenues bested expectations by about $5 billion.
Chesapeake Energy Corporation (CHK) released its financial results for the fourth quarter of fiscal year 2013 (4QFY13) today. The stock is already down more than 6.5% currently, and we expect the stock to further decline. Here are three key points investors should watch out for in Chesapeake’s earnings release today.