Exxon
Analyst Paul Cheng sees Exxon reporting second-quarter EPS of $0.67, compared to consensus expectation of $0.64. Cheng forecast total production at 3,923 mboe/d (000s boe/d), down 1 percent from last year.
The analyst projects upstream income of $830 million, down from $2.031 billion last year, downstream earnings plunging to $986 million from $1.506 billion prior year. Meanwhile, chemical earnings are estimated to rise 12 percent to $1.390 billion.
Chevron
For Chevron, the analyst estimates operating EPS of $0.29 compared to consensus of $0.32. Production is expected to be 2,533 mboe/d (000s boe/d), down 2 percent year-over-year.The analyst sees upstream earnings to be negative $7 million, compared to $637 million profit in the same quarter last year. Cheng projects downstream earnings (including chemicals) at $857 million, lower than $1.349 billion a year ago.
Phillips 66
For Phillips 66, Cheng expects operating EPS of $0.93, in line with consensus. The analyst projects refining and marketing earnings of $385 million and expects throughput to average 2,240 mb/d (000s b/d), down 34 percent year-over-year. The analyst expects total refining gross margin of $3.8/bl versus $4.1/bl a year ago.Cheng anticipates midstream earnings of $61 million compared to $48 million last year and sees chemicals earnings dropping to $170 million from $295 million the prior year.
Ratings And Recent Performances
Cheng has an Equal-Weight rating on all three stocks, with price targets of $102, $125 and $86, respectively.
Shares of Exxon, Chevron and Phillips 66 closed Tuesday's trading at $91.53, $102.68 and $76.23, respectively.
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