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ExxonMobil (XOM) Tops Q3 Earnings Estimates on Chemical Margin
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Exxon Mobil Corporation’s (XOM - Free Report) third-quarter loss per share of 18 cents – excluding identified items – was narrower than the Zacks Consensus Estimate of a loss of 28 cents. In the year-ago quarter, the company reported earnings of 68 cents per share.
Total revenues of $46,199 million missed the Zacks Consensus Estimate of $49,470 and deteriorated from the year-earlier figure of $65,049 million.
The narrower-than-expected loss was owing to higher margins from Chemical business in the United States. This was offset partially by lower oil-equivalent production volumes and commodity prices.
Notably, the company is now planning to slash 1,900 headcount in the United States, primarily at Houston offices. The cost-reduction initiative reflects the company’s plan to combat the coronavirus pandemic since the virus outbreak has hit its products’ demand.
Exxon Mobil Corporation Price, Consensus and EPS Surprise
The segment reported quarterly loss of $383 million against a profit of $2,168 million a year ago. The downside was owing to lower oil-equivalent production volumes and commodity prices.
Operations in the United States recorded a loss of $681 million against a profit of $37 million in the September quarter of 2019. Moreover, the company reported profits of $298 million from non-U.S. operations, representing a deterioration from $2,131 million in the year-ago quarter.
Production: Total production averaged 3.672 million barrels of oil-equivalent per day (MMBoE/D), lower than 3.899 MMBoE/D a year ago, reflecting coronavirus-induced drop in fuel demand and curtailment in volumes as mandated by the government.
Liquid production decreased to 2.286 million barrels per day (MMBbls/D) from 2.392 MMBbls/D in the prior-year quarter. While production from Europe, Africa and Asia declined significantly, it increased in Canada and United States. Moreover, natural gas production was 8.316 billion cubic feet per day (Bcf/d), down from 9.045 Bcf/d a year ago due to lower output from Europe and United States.
Price Realization: In the United States, the company recorded crude price realization of $36.80 per barrel, lower than the year-ago quarter’s $54.51. The same metric for non-U.S. operations declined to $38.30 per barrel from the year-ago $55.92. Moreover, natural gas prices in the United States were recorded at $1.62 per thousand cubic feet (Kcf), below the year-ago quarter’s $2.03. Similarly, in the non-U.S. section, the metric fell to $3.41 per Kcf from $5.81 in third-quarter 2019.
Downstream
The segment recorded a loss of $231 million against the year-ago profit of $1.2 billion, primarily owing to lower margins in both U.S. and non-U.S. operations since market demand was weak. This was offset partially by reduction in expenses.
Notably, ExxonMobil's refinery throughput averaged 3.8 MMBbls/D, lower than the year-earlier level of 4.1 MMBbls/D.
Chemical
This unit recorded $661-million profit, up from $241 million in the year-ago quarter on an increase in margin from U.S. operations.
Financials
During the quarter under review, ExxonMobil generated cash flow of $4.5 billion from operations and asset divestments, substantially down from $9.5 billion a year ago. The company's capital and exploration spending declined 46.5% year over year to $4.1 billion.
At the end of third-quarter 2020, total cash and cash equivalents were $8.8 billion and debt amounted to $68.8 billion.
Guidance
The energy giant expects capital program for 2021 at $16 billion to $19 billion, below this year’s target of $23 billion.
Zacks Rank & Stock to Consider
The company currently has a Zacks Rank #4 (Sell). Meanwhile, a few better-ranked players in the energy space include Equinor ASA (EQNR - Free Report) , Sunoco LP (SUN - Free Report) and Abraxas Petroleum Corporation (AXAS - Free Report) . While Sunoco sports a Zacks Rank #1 (Strong Buy), Equinor and Abraxas carry a Zacks Rank #2 (Buy).You can see the complete list of today’s Zacks #1 Rank stocks here.
Equinorhas seen upward earnings estimate revisions for 2020 in the past 30 days.
Sunocohas seen upward estimate revisions for its 2020 bottom line in the past 30 days.
Abraxashas also seen upward estimate revisions for its 2020 bottom line in the past 30 days.
Have You Seen Zacks’ 2020 Election Stock Report?
The upcoming election could be a massive buying opportunity for savvy investors. Trillions of dollars will shift into new market sectors after the election. The question is, which sectors will soar for each candidate? Zacks has put together a new special report to help readers like you target big profits.
The 2020 Election Stock Report reveals specific stocks you’ll want to own immediately after the results are announced – 6 if Trump wins, 6 if Biden wins. Past election reports have led investors to gains of +71%, +83%, even +185% in the following months. This year’s picks could be even more lucrative.
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ExxonMobil (XOM) Tops Q3 Earnings Estimates on Chemical Margin
Exxon Mobil Corporation’s (XOM - Free Report) third-quarter loss per share of 18 cents – excluding identified items – was narrower than the Zacks Consensus Estimate of a loss of 28 cents. In the year-ago quarter, the company reported earnings of 68 cents per share.
Total revenues of $46,199 million missed the Zacks Consensus Estimate of $49,470 and deteriorated from the year-earlier figure of $65,049 million.
The narrower-than-expected loss was owing to higher margins from Chemical business in the United States. This was offset partially by lower oil-equivalent production volumes and commodity prices.
Notably, the company is now planning to slash 1,900 headcount in the United States, primarily at Houston offices. The cost-reduction initiative reflects the company’s plan to combat the coronavirus pandemic since the virus outbreak has hit its products’ demand.
Exxon Mobil Corporation Price, Consensus and EPS Surprise
Exxon Mobil Corporation price-consensus-eps-surprise-chart | Exxon Mobil Corporation Quote
Operational Performance
Upstream
The segment reported quarterly loss of $383 million against a profit of $2,168 million a year ago. The downside was owing to lower oil-equivalent production volumes and commodity prices.
Operations in the United States recorded a loss of $681 million against a profit of $37 million in the September quarter of 2019. Moreover, the company reported profits of $298 million from non-U.S. operations, representing a deterioration from $2,131 million in the year-ago quarter.
Production: Total production averaged 3.672 million barrels of oil-equivalent per day (MMBoE/D), lower than 3.899 MMBoE/D a year ago, reflecting coronavirus-induced drop in fuel demand and curtailment in volumes as mandated by the government.
Liquid production decreased to 2.286 million barrels per day (MMBbls/D) from 2.392 MMBbls/D in the prior-year quarter. While production from Europe, Africa and Asia declined significantly, it increased in Canada and United States. Moreover, natural gas production was 8.316 billion cubic feet per day (Bcf/d), down from 9.045 Bcf/d a year ago due to lower output from Europe and United States.
Price Realization: In the United States, the company recorded crude price realization of $36.80 per barrel, lower than the year-ago quarter’s $54.51. The same metric for non-U.S. operations declined to $38.30 per barrel from the year-ago $55.92. Moreover, natural gas prices in the United States were recorded at $1.62 per thousand cubic feet (Kcf), below the year-ago quarter’s $2.03. Similarly, in the non-U.S. section, the metric fell to $3.41 per Kcf from $5.81 in third-quarter 2019.
Downstream
The segment recorded a loss of $231 million against the year-ago profit of $1.2 billion, primarily owing to lower margins in both U.S. and non-U.S. operations since market demand was weak. This was offset partially by reduction in expenses.
Notably, ExxonMobil's refinery throughput averaged 3.8 MMBbls/D, lower than the year-earlier level of 4.1 MMBbls/D.
Chemical
This unit recorded $661-million profit, up from $241 million in the year-ago quarter on an increase in margin from U.S. operations.
Financials
During the quarter under review, ExxonMobil generated cash flow of $4.5 billion from operations and asset divestments, substantially down from $9.5 billion a year ago. The company's capital and exploration spending declined 46.5% year over year to $4.1 billion.
At the end of third-quarter 2020, total cash and cash equivalents were $8.8 billion and debt amounted to $68.8 billion.
Guidance
The energy giant expects capital program for 2021 at $16 billion to $19 billion, below this year’s target of $23 billion.
Zacks Rank & Stock to Consider
The company currently has a Zacks Rank #4 (Sell). Meanwhile, a few better-ranked players in the energy space include Equinor ASA (EQNR - Free Report) , Sunoco LP (SUN - Free Report) and Abraxas Petroleum Corporation (AXAS - Free Report) . While Sunoco sports a Zacks Rank #1 (Strong Buy), Equinor and Abraxas carry a Zacks Rank #2 (Buy).You can see the complete list of today’s Zacks #1 Rank stocks here.
Equinorhas seen upward earnings estimate revisions for 2020 in the past 30 days.
Sunocohas seen upward estimate revisions for its 2020 bottom line in the past 30 days.
Abraxashas also seen upward estimate revisions for its 2020 bottom line in the past 30 days.
Have You Seen Zacks’ 2020 Election Stock Report?
The upcoming election could be a massive buying opportunity for savvy investors. Trillions of dollars will shift into new market sectors after the election. The question is, which sectors will soar for each candidate? Zacks has put together a new special report to help readers like you target big profits.
The 2020 Election Stock Report reveals specific stocks you’ll want to own immediately after the results are announced – 6 if Trump wins, 6 if Biden wins. Past election reports have led investors to gains of +71%, +83%, even +185% in the following months. This year’s picks could be even more lucrative.
Check out Zacks’ 2020 Election Stock Report >>