Low Tax Rate on One-Time Item Contributes to ExxonMobil (XOM) EPS Beat; UBS Raises Price Target to $81

Chevron slashes jobs and spending to weather low oil prices

October 30, 2015 8:39 AM EDT

By Ernest Scheyder

(Reuters) - Chevron Corp (NYSE: CVX) is slashing 10 percent of its workforce and sharply paring back its budget, with Chief Executive Officer John Watson giving a downbeat view on Friday of an industry beleaguered by low oil prices.

A more than 55 percent decline in crude oil since last year has rippled through the global energy industry, forcing producers and their suppliers to make tough decisions.

For Chevron, that means cutting its budget by 25 percent next year by spending less in Australia,... More

Exxon third-quarter profit falls 47 percent but beats expectations

October 30, 2015 8:10 AM EDT

By Anna Driver

(Reuters) - Exxon Mobil Corp (NYSE: XOM) said on Friday third-quarter profit fell 47 percent on low crude prices but results were better than expected, helped by higher profit in the oil company's refining business.

Crude prices have fallen more than 50 percent from last year's high above $100 a barrel. While the crude decline hurt Exxon's largest oil and gas business, it also boosted profit margins in refining by lowering feedstock costs.

"International refining was the surprise that was greater-than-anticipated," said... More

ExxonMobil (XOM) Tops Q3 EPS by 12c

October 30, 2015 8:00 AM EDT

(Updated - October 30, 2015 8:03 AM EDT)

ExxonMobil (NYSE: XOM) reported Q3 EPS of $1.01, $0.12 better than the analyst estimate of $0.89. Revenue for the quarter was $67.34 billion, with the consensus at $63.75 billion.

We maintain a relentless focus on business fundamentals, including cost management, regardless of... More

Stocks slip but post best month in four years

October 30, 2015 7:32 AM EDT

By Lewis Krauskopf

(Reuters) - U.S. stock indexes finished with their strongest monthly performances in four years on Friday, even as they dipped for the day amid a mixed bag of earnings reports.

For October, all three major indexes posted their biggest percentage increases since October 2011, with the S&P 500 rising 8.3 percent, led by energy and materials, while a measure of volatility fell.

On Friday, CVS Health (NYSE: CVS) fell 4.8 percent to $98.78 after a disappointing profit forecast for 2016.

The S&P 500 energy index was the best performing sector, rising... More

Global stocks slip, but post best month in four years; oil gains

October 29, 2015 8:39 PM EDT

By Rodrigo Campos and Herbert Lash

NEW YORK (Reuters) - Oil gained on Friday while stocks on Wall Street closed lower even as major U.S. and European stock indices posted their best month in at least four years, boosted in part by accommodative monetary policies in the euro zone and Japan.

Oil prices rose after the U.S. oil rig count fell for a ninth straight week, indicating potentially lower crude output in coming months in the face of a global supply glut.

The dollar slipped after data showing U.S. consumer spending in September... More

Trading Radar for 10/30: ExxonMobil (XOM), Seagate (STX), Newell Rubbermaid (NWL), Wayfair (W) Report

October 29, 2015 2:16 PM EDT

The Trading Radar highlights key earnings and economic announcements for the next trading session:

Before Markets Open:
Economics:
8:30am EDT

Personal Spending - Street sees 0.2%Personal Income - Street sees (0.1%)PCE Prices: Core - Street sees 0.1%Employment Cost Index - Street sees 0.5%

Earnings:

Aaron's (NYSE: AAN) - consensus EPS $0.48
AbbVie (NYSE: ABBV) - consensus EPS $1.06
ArcBest (Nasdaq: ARCB) - consensus EPS $0.82
BankFinancial (Nasdaq:... More