U.S. Oil Giants Exxon Mobil and Chevron to Report Earnings: What to Know
U.S. Oil Giants Exxon Mobil and Chevron to Report Earnings: What to Know
- U.S. oil majors Exxon Mobil and Chevron to report earnings on Friday.
- Guidance and outlook on cost-cutting and capital efficiency measures are likely the key to these earnings reports.
- Exxon Mobil and Chevron face an environment with lower oil prices going into the end of the year.
Major oil producers to report earnings on Friday, October 31
Two of the largest U.S. oil producers are scheduled to report quarterly earnings on Friday, October 31, before the market open. Together, Exxon Mobil (XOM) and Chevron (CVX), make up about 30% of total oil production in the United States.
Crude oil prices (/CL) started the year trading around $73 a barrel, but after a volatile first ten months of the year prices have declined to trade around the $60 per barrel level. Despite the lower crude oil prices, Exxon and Chevron have managed to see their stock prices increase from the start of the year.
Exxon is up about 8% since the start of the year, while Chevron has put in a 6.99% gain over the same period. While those performances trail the S&P 500 (/ES), which is up about 17% this year, the upward stock price movement is appealing given the decline in oil prices.
Exxon and Chevron have impressed investors by cutting costs and improving operational efficiency. Through 2030, Exxon is on track to generate $165 billion in surplus cash, which will drive increased shareholder distributions, according to Exxon’s corporate plan released in December.
Exxon plans to do this through several ways, including increased investment in its high-return assets in the Permian Basin. An aggressive cost reduction plan also aims to save $7 billion in costs through the period. Exxon also plans to be more capital efficient, reinvesting at a run rate of about $30 billion annually while cash flow increases.
Chevron also plans to reduce capital spending, with a plan to cut its capital budget to prioritize free cash flow. The company, like Exxon, also has cost-cutting measures in place, with workforce reductions and restructuring that should help to trim expenses.
What do investors expect from Exxon and Chevron?
According to TradingView, Exxon Mobil is expected to report earnings per share (EPS) of $1.82 on $86.5 billion in revenue. That would compare to a year ago when Exxon reported EPS of $1.92 on $90.02 billion in revenue. Last quarter, Exxon saw an EPS of $1.64 on $81.51 billion in revenue.
Chevron is expected to post earnings per share of $1.71 on $47.23 billion in revenue. Last year, Chevron’s EPS came in at $2.51 on $50.67 billion in revenue. The second quarter saw EPS of $1.77 on $44.82 billion in revenue.
Trading Exxon Mobil earnings
Exxon Mobil (XOM) traded with an implied volatility rank (IVR) of 16.0, meaning that volatility is significantly reduced compared with the past twelve months of trading. Options on XOM show an expected move of +/- 1.96 points, or 1.68% of Thursday’s 116.23 stock price.
Technically, XOM is trading in a strong technical position. Prices are trending above the 9- and 21-day exponential moving averages (EMAs), as well as the 50-day simple moving average (SMA). Since the April selloff, prices have retraced to above the 78.6% Fibonacci retracement level. Attacking the March high near the 120 level presents the next technical barrier for bulls. A pullback may see support from the previously mentioned EMAs or SMA.
Trading Chevron earnings
Chevron traded with an implied volatility rank (IVR) of 18.3, which highlights the reduced volatility as of late compared with the last year of trading. Options on the stock show an expected move of +/- 2.74 points, or 1.77% of Thursday’s 154.93 stock price.
Chevron isn’t in the same position as XOM technically. Prices are below the 50-day SMA and trading just above the 9- and 21-day EMAs. Prices have recovered only to the 61.8% Fibonacci retracement level since the selloff in early April. The pseudo 50% Fibonacci retracement level near the recent October swing low would be a level where support could appear on a down move. On the upside, prices would need to clear the October swing high at 158.59 before bringing the September swing high into focus.
Thomas Westwater, a tastylive financial writer and analyst, has eight years of markets and trading experience. @fxwestwater
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