Latest Technology and Financial News

Search Stocks

Exxon, Chevron Gain 1% as Results Top Estimates

Report A Spam
Facebook Twitter Google LinkedIn StumbleUpon Pinterest Email
Report A Spam

Article(28)
Comments(0)

Houston, TX – (StockNewsDesk) – 10/31/2014 — Oil giants Exxon and Chevron Corporation posted better than expected profits this quarter. Profits of both the companies increased from refining activities and the fall in crude oil prices. Crude oil prices slumped nearly 25% as a result of which the refining business grew nearly fourfold for both companies. In Chevron’s case, production from new oils was below expectations as a result of which the profit from that segment was a bit lower than expectations.

EXXON: Profit Rises, Revenue Falls – Better Than Estimates

The share price of Exxon is up by 1.5%. It has bounced back from its major support level of $90 and is currently approaching $97. Once it crosses $97 distinctively, then it might cross the $100 mark with ease. Analysts have recommended a Strong Buy on this stock.

Refinery earnings from Exxon increased 73%, which contributed 2.5% of the total profit percentage. Production of the company declined 4.7%, which pushed profits from the upstream segment, 4.4% towards the downside. On a consolidated basis, Exxon earned $8.07 billion or $1.89 a share while revenue declined nearly 4% to $107.5 billion. This was well above profit estimates of $1.71 a share and revenue estimates of $105.5 billion. On the buy-back front, Exxon bought back $3 billion in stock.

Exxon has major projects in line. It has started pumping oil & gas in Canada and gas-export project in Papua New Guinea. The company also had plans to drill and explore for oil reserves in the Arctic from Russia. However, this may not go as planned because of the sanctions imposed by the US on Russia.

EXXON: Profit Rises, Revenue Falls – Better Than Estimates

CHEVRON: Profit Eclipses Estimates, Revenue below Expectations

Shares of Chevron Corporation gained 1% after reporting better than expected numbers. The stock price of the company took support at $110 levels and is now approaching $120. Once it crosses $120 with volume, the target would become $130.

CHEVRON: Profit Eclipses Estimates, Revenue below Expectations

Chevron Corporation’s profit increased by 13% and posted income of $5.59 billion or $2.95 a share, compared to earlier earnings of $4.95 billion or $2.57 a share. The revenues declined by 6.5% to $55 billion. Profit figures were better than expectations of $2.55 a share while revenue disappointed when compared to the Street’s expectation of $58 billion. In the third quarter, Chevron bought back share worth $1.25 billion. Currently there are ongoing projects in Bangladesh, Australia and Gulf of Mexico.

Share your views and Comment below

Connect with:

Search Stocks

Search Articles

Corn Mail

posted on January 19, 2013 , by Phillip Wilson

LG’s Android G Watch burs…

posted on July 9, 2014 , by Prabir Sinha

Amazon Intensifies Battle…

posted on July 10, 2014 , by James Smith

Deutsche Bank Weakness Ac…

posted on July 11, 2014 , by James Smith

Monsato is going Organic …

posted on July 13, 2014 , by Prabir Sinha

Recent Comments
  • User AvatarCharlesetta Chipman { Would love to perpetually get updated outstanding weblog ! . } – Feb 25, 3:25 PM
  • User AvatarChanda Hinnant { magnificent issues altogether, you simply won a new reader. What could you recommend about your post that you just made a few days ago? Any... } – Feb 25, 1:17 PM
  • User AvatarLenny Strawther { Outstanding post, you have pointed out some superb points, I likewise conceive this is a very good website. } – Feb 25, 12:31 PM
  • User AvatarJennette Lysaght { I have been absent for a while, but now I remember why I used to love this website. Thanks, I will try and check back... } – Feb 25, 11:41 AM
  • User AvatarWilhemina Strube { I just couldn't go away your web site before suggesting that I really enjoyed the standard info a person provide to your guests? Is going... } – Feb 25, 10:30 AM
  • User AvatarGoogle { GREAT POST.THIS IS A GREAT NEWS. } – Feb 24, 7:22 PM
  • CVX,NYSE:CVX,NYSE:XOM,XOM

    Login

    Connect with:

    Register | Lost your password?