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Exxon Mobil Q3 Profit Tops Estimates; Chevron Misses

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Exxon Mobil Corp. (XOM) reported third-quarter earnings per share of $0.75 compared to $1.46, prior year. Earnings included a favorable tax-related identified item of about $300 million, or $0.07 per share. On average, 19 analysts polled by Thomson Reuters expected the company to report profit per share of $0.67 for the quarter. Analysts' estimates typically exclude special items. GAAP earnings declined 49 percent year-on-year to $3.17 billion. Total Upstream earnings declined to $2.17 billion from $4.23 billion.

Third-quarter total revenues and other income declined to $65.05 billion from $76.61 billion, prior year. Analysts expected revenue of $64.79 billion, for the quarter. Oil-equivalent production rose 3 percent from the third quarter of 2018, to 3.9 million barrels per day. Excluding entitlement effects and divestments, liquids production increased 4 percent driven by Permian Basin growth, while natural gas volumes increased 1 percent.

Separately, Chevron Corp. (CVX) reported third-quarter earnings of $2.6 billion or $1.36 per share, compared to $4.0 billion or $2.11 per share, a year ago. Included in the current quarter was a tax charge of $430 million related to a cash repatriation. Foreign currency effects increased earnings in the third quarter 2019 by $74 million. On average, 19 analysts polled by Thomson Reuters expected the company to report profit per share of $1.45 for the quarter. Upstream earnings declined to $2.70 billion from $3.38 billion, prior year.

Chevron reported third-quarter sales and other operating revenues of $35 billion, compared to $42 billion in the year-ago period. Analysts expected revenue of $37.69 billion, for the quarter. For Upstream, worldwide net oil-equivalent production was 3.03 million barrels per day in third quarter 2019, an increase of 3 percent from 2.96 million barrels per day from a year ago.

"Third quarter earnings and cash flow were solid, but down from our very strong results of a year ago. Lower crude oil and natural gas prices more than offset a 3 percent increase in net oil-equivalent production from last year's third quarter," said Michael Wirth, Chevron's CEO.

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