Youngberg said companies will aim to avoid the boom-and-bust cycle of the last few years by turning up output more slowly this time and maybe not until prices are in the $50s.
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For the current Quarter, 21.00 analysts have given an Average earnings estimate of $0.31 per share.
Chevron’s stock fell 1 percent to $101.50 in premarket Friday trading.
“This doesn’t look very much like an oil company anymore”, Molchanov told CNBC’s “Squawk on the Street”. Pavel Molchanov, a Raymond James Financial Inc. analyst, said of Exxon’s results in a telephone interview.
Lower profits from Exxon sand Chevron’s refining divisions contributed to weaker overall results for both companies.
Exxon Mobil said the corporation was making steady progress on its investment plans.
“This company is very refining- and chemicals-centric and those sectors do not benefit from an oil price recovery”, he said in a telephone interview. The shares have climbed 13 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased roughly 2 percent.
The two companies have been hit by the dramatic drop in oil prices over the past two years since Brent crude hit a peak of $115 a barrel in June 2014.
This week saw the first of the major multinational, diversified energy companies reporting earnings for the first calendar quarter of 2016.
Exxon rose 1 percent to $88.91 at 9:32 a.m.in NY.
Exxon’s capital budget during the first quarter dropped 33 percent from a year earlier, reflecting a drive to survive a price downturn that has already cost the company a flawless credit rating. Of those, 2 have given the shares a Strong Buy while 0 are recommending a Modest Buy, 6 have given the stock a Hold rating, 1 a Modest Sell and 4 a Strong Sell.
Exxon’s first-quarter profits plunged by 63% to $1.8 billion due to the oil crash. The company traded volume of 20.27 million shares more than average volume of 15.94 million shares. Chevron Corp. reported a $725 million loss on Friday compared with a profit of $2.6 billion in the first quarter of 2015. Adding in dividend payments of $0.73 per share, the company distributed $3.1 billion to shareholders in the quarter.
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“The organization continues to respond effectively to challenging industry conditions, capturing enhancements to operational performance and creating margin uplift despite low prices”, said Rex W. Tillerson, Exxon chairman and chief executive officer.
