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Exxon, Chevron expected to post steep drops in earnings

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Exxon and Chevron report earnings on Friday before the bell as energy companies continue to struggle, pressured by falling oil prices, waning demand and squeezed margins.

The Street is expecting Exxon’s earnings to plummet by more than 50% from a year ago. For Chevron, it’s a more modest 29% decline.

Exxon

Exxon is expected to report third-quarter earnings of 67 cents per share, according to estimates from FactSet, and $60.9 billion in revenue.

The EPS number is 54% below the $1.46 the company reported in the same quarter a year earlier, while revenue forecasts are 20% lower than the $75.68 billion the company earned in the third quarter of 2018.

Analysts were more or less warned ahead of…



Source cnbc.com

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