Exxon Mobil Closes Gap as Chevron Reports Quarterly Profit Decline
Chevron has outperformed expectations in its third-quarter earnings, while Exxon Mobil has reported a decline in profits. Both U.S. oil giants showcase a mixed financial landscape amid fluctuating market conditions.
Exxon Mobil Reports Decline in Q3 Profits
Exxon Mobil (XOM) disclosed its third-quarter earnings on Friday. The company reported earnings per share (EPS) of $1.76. This figure represents an 8.3% drop compared to the previous year, highlighting ongoing challenges in the oil sector.
Moreover, Exxon Mobil’s revenue decreased by 5.3%, totaling $85.29 billion. Analysts had predicted earnings of $1.82 per share before the earnings announcement, indicating a shortfall in expectations.
Chevron Surpasses Expectations
In contrast, Chevron (CVX) achieved better-than-expected results during the same quarter. This disparity in performance continues to illustrate the varying paths of these industry leaders amidst changing economic conditions.
Key Financial Metrics
- Exxon Mobil
- Q3 EPS: $1.76
- Year-over-Year EPS Change: -8.3%
- Revenue: $85.29 billion
- Revenue Change: -5.3%
- Analyst Expected EPS: $1.82
- Chevron
- Performance: Outperformed expectations
Market Implications
The performance of both companies reflects broader trends in the energy sector. Investors continue to monitor how these supermajors navigate challenges like commodity price volatility and global economic shifts.
In summary, Chevron’s resilience contrasts with Exxon Mobil’s profitability challenges. Stakeholders will be keen to see how both companies adapt in the coming quarters.
