ExxonMobil Climbs To All-Time High, Chevron Attempts A Rebound: What's Driving Oil Stocks Today?

Zinger Key Points
  • Exxon Mobil shares rose to $119.9 on Friday, breaking above its record highs set in February.
  • Chevron saw some declines in revenues owing to lower natural gas prices.

Exxon Mobil Corp. XOM and Chevron Corp. CVX, the two largest oil corporations in the U.S. by market capitalization, are showing better-than expected earnings per share (EPS) and revenues, although the top lines softened from the preceding quarter. 

  • Exxon shares were up 1.8%, hitting a $119.9 high intraday and breaking the record high of $119.6 set on Feb. 10. 
  • Chevron shares were broadly flat, beginning with a gap down but trying a rebound throughout the session.

The Energy Select Sector SPDR Fund XLE, was 1% higher on Friday. 

Chart To Watch: XOM and CVX Stock Prices Trade As If Oil Prices Were Above $100


Exxon's Q1 Results

  • ExxonMobil announced EPS of $2.83 for the fiscal quarter ended March 2023, better than the expected $2.60 but down from $3.40 reported in Q4 2022. Revenues were $86.56 billion last quarter, up from $82.66 billion projected but down from $87.73 billion in Q4 2022.
  • The company experienced a continued strength in energy prices and refining margins throughout the quarter.
  • "We are growing value by increasing production from our advantaged assets to meet global demand," Exxon's CEO Darren Woods said.
  • Upstream segment earnings soared from $4.49 billion to to $6.46 billion on the year. Production rose to 3.83 million oil-equivalent barrels a day from 3.68 million in the 2022 quarter, above analysts' expectations of 3.79 million.
  • Energy product operations recorded a profit of $4.18 billion following a loss of $196 million.
  • On an annual basis, total costs dropped from $81.94 billion last year to $69.76 billion. Capital and exploration expenditures came in at $6.38 billion versus $4.9 billion the year before. 

Chevron's Q1 Results

  • For the fiscal quarter that ended in March 2023, Chevron reported $3.55 in EPS. The number exceeded consensus predictions of $3.38 and was higher than the previous quarter $3.36.
  • Revenues were $50.79 billion last quarter, up from $48.95 billion predicted but down from $52.31 billion in Q4 2022. 
  • "We're delivering strong financial results and increasing cash returned to shareholders," Chevron's CEO Mike Wirth said. "At the same time, we're investing more to help grow future energy supplies."
  • Chevron's upstream earnings fell from $6.93 billion in the 2022 quarter to $5.16 billion, owing to reduced liquids and natural-gas realizations in the U.S. market. 
  • Chevron's worldwide oil-equivalent output fell 3% to 2.98 million barrels per day, falling short of analysts' forecast of 3.02 million.
  • Earnings in the downstream business increased from $331 million to $1.8 billion year-on-year, owing to greater margins on refined product sales. 
  • On an annual basis, total costs declined from $45.32 billion to $41.27 billion. Capital and exploration expenditures increased 55% to $3 billion, owing to increased investment in the United States.

Next: Best Energy Stocks For The Week

Image by Alexey Hulsov from Pixabay

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