Chevron (CVX) posted better than expected earnings, but the stock slipped 0.1% in early trading as the company’s revenue came in a little light and production dropped on a year-over-year basis.
Chevron posted $3.92 of EPS, against expectations for $3.48. Revenue came in at $64.4 billion against expectations for $67.9 billion. Operating margin jumped to 20.7% from 13.8%, as refining margins grew considerably.
The company’s production, slipped however: “Worldwide net oil-equivalent production was 2.60 million barrels per day in the third quarter 2011, down from 2.74 million barrels per day in the 2010 third quarter.”
One analyst noted to Marketwatch that Chevron posted better profit margins per barrel than ExxonMobil (XOM).
French oil company Total (TOT), which also beat earnings expectations, fell 2.6% in morning trading.
Most of the major integrated companies were down on Friday, with ConocoPhilips (COP) also falling 1.6%.
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