Categories Earnings, Energy

What to expect when ExxonMobil (XOM) reports Q3 earnings?

ExxonMobil Corporation (NYSE: XOM) is scheduled to report third quarter 2019 earnings results on Friday, November 1, before the market opens. Analysts estimate the company will report earnings of $0.67 per share, reflecting a decrease of over 50% from the prior-year period. Sales are also expected to drop 15% year-over-year to $64.7 billion.

The company’s quarterly results are expected to be negatively impacted by the drop in oil and natural gas prices. Along with the falling prices, the weak demand for crude and the trade tensions between the US and China are also expected to take a toll on the results.

ExxonMobil Q2 profit drops 21% but beats estimates

The profits in the upstream and downstream divisions are estimated to see a decline in the third quarter. This could take a toll on the company’s bottom line. Last quarter, profits in both segments were hurt by lower prices, higher expenses as well as increased downtime and maintenance.

Last month, Exxon announced the sale of its upstream operations in Norway to Var Energi AS for $4.5 billion. This is part of the company’s plans to divest around $15 billion in non-strategic assets by 2021.

Exxon is also facing trial on grounds of misleading investors on the costs related to climate change regulations. This brings up the possibility of the company facing additional expenses going forward depending on the outcome of the case.

Also read: ExxonMobil Q2 2019 Earnings Conference Call Transcript

In the second quarter of 2019, ExxonMobil beat profit expectations despite a 21% dip in earnings to $0.73 per share due to weakness in the downstream and chemical divisions. Revenues fell 6% to $69 billion.

ExxonMobil’s shares have dropped 10% in the past three months. The stock was down 1.3% in mid-day trade on Wednesday.

Exxon’s competitor Chevron Corporation (NYSE: CVX) is also scheduled to report third quarter 2019 earnings on Friday.

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

Tyson Foods (TSN) Q1 2023 Earnings: Key financials and quarterly highlights

Tyson Foods Inc. (NYSE: TSN) reported first quarter 2023 earnings results today. Sales rose 2.5% year-over-year to $13.2 billion. Net income attributable to Tyson was $316 million, or $0.88 per

After weak start to 2023, Apple (AAPL) sees some bright spots

Apple Inc. (NASDAQ: AAPL) this week reported its first revenue decline in more than three years, even as the high inflation continues to squeeze customers’ spending power. Sales of the

Earnings: Qualcomm (QCOM) Q1 profit falls on lower revenues

Chipmaker Qualcomm, Inc. (NASDAQ: QCOM) has reported lower earnings and revenues for the first quarter of 2023. The company also provided guidance for the second quarter of 2023. At $9.5

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top