Exxon Mobil, Chevron Q2 2023 Earnings Preview (NYSE:XOM) - Seeking Alpha
Exxon Mobil, Chevron Q2 2023 Earnings Preview (NYSE:XOM) | Seeking Alpha
Exxon Mobil, Chevron Q2 2023 Earnings Preview
Jul. 27, 2023 12:33 PM ET Exxon Mobil Corporation (XOM) CVX By: Arundhati Sarkar, SA News Editor 8 Comments
- The two largest U.S. oil and gas companies Exxon Mobil (NYSE: XOM) and Chevron ( CVX) are scheduled to announce Q2 earnings results on Friday, July 28th, before market open.
- The consensus EPS Estimate for XOM is $2.02(-51.2% Y/Y) and the consensus Revenue Estimate is $90.32B (-21.9% Y/Y).
- Over the last 2 years, XOM has beaten EPS and revenue estimates 88% of the time
- Over the last 3 months, Exxon's EPS estimates have seen 2 upward revisions and 12 downward. Revenue estimates have seen 4 upward revisions and 2 downward.
- Recent earnings Analysis from our contributors: Exxon Mobil: Recent Weakness Makes It Even A Stronger Buy
- The consensus EPS Estimate for CVX is $3.28(-43.6% Y/Y) and the consensus Revenue Estimate is $49.75B (-27.6% Y/Y).
In its preliminary second quarter results posted on July 23,
Chevron reported a $6 billion net profit, prompting a rise in shares
- Over the last 2 years, CVX has beaten EPS estimates 63% of the time and has beaten revenue estimates 88% of the time.
- Over the last 3 months, EPS estimates have seen 2 upward revisions and 5 downward. Revenue estimates have seen 0 upward revisions and 6 downward.
- Recent earnings Analysis from our contributors: Chevron Indicates There Might Be A Reason To Invest (Rating Upgrade)
- Crude oil prices ( CL1:COM) in the second quarter came under pressure from rising interest rates in the United States and slower oil demand growth in world's largest crude oil importer China
Meanwhile TD Wealth in a note argued that the recent rally in oil (
CL1:COM) prices may have more staying power than many think, thanks in part to macro and geopolitical sentiments and the basic fundamentals of oil's position
HFI Research in a note on Wednesday said voluntary cuts by Saudi Arabia is expected to last into year-end and if demand outstrips supply, prices will rise
XOM has a Quant rating of STRONG BUY with a 4.65 rating score, while CVX has a Quant rating of HOLD with a 3.3 rating score
Wall Street and Seeking Alpha analysts have a BUY rating on both the stocks
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.