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Key Oil Earnings for April 29: CVX, PSX, XOM

Madeleine Johnson
Updated

As Q1 earnings season continues, more and more companies are starting to post their earnings results. On Friday, three big names in the oil industry reported their first quarter fiscal 2016 earnings before the bell. Let’s take a look.

Chevron Corp. CVX

The oil and gas exploration and production company reported a wider than expected loss for Q1. Earnings per share came in at $-0.39, missing the Zacks Consensus Estimate of $-0.18 per share. Revenues of $23.553 billion, however, edged past our consensus estimate of $23.547 billion.

Chevron’s total crude oil production of 2,666 thousand oil-equivalent barrels per day (MBOE/d) remained unchanged from year-ago levels. Its downstream segment saw earnings of $735 million, almost 50% lower compared to profit levels of $1.423 billion a year ago.

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Phillips 66 PSX

Downstream energy leader Phillips 66 also reported an earnings loss for Q1. Earnings per share of $0.67 lagged behind the Zacks Consensus Estimate of $0.86 per share. Revenues came in at $17.8 billion, topping our consensus estimate of $16.9 billion. Phillips’ four business segments—Midstream, Chemicals, Refining, Marketing & Specialties—each reported adjusted quarterly earnings that declined from the year-ago period.

ExxonMobil Corp. XOM

The largest publicly traded oil company reported better than expected Q1 results. Earnings per share came in at $0.43, surpassing the Zacks Consensus Estimate of $0.28 per share. Revenues came in at $48.707 billion, beating our consensus estimate of $48.137 billion.

ExxonMobil’s production averaged 4.325 million barrels of oil equivalent per day (MMBOE/d), reflecting a positive 1.8% year-over-year change. It’s liquid production also increased year-over-year, up 11.5% to 2.538 million barrels per day.

Check out Q1 earnings performance by industry so far:

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CHEVRON CORP (CVX): Free Stock Analysis Report
 
EXXON MOBIL CRP (XOM): Free Stock Analysis Report
 
PHILLIPS 66 (PSX): Free Stock Analysis Report
 
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