Chevron Corporation (NYSE: CVX) is out with earnings. Regardless of the rhetoric, endless earnings growth is not just assured. The earnings of $5.1 billion sounds massive, but that is down from about $5.3 billion a year earlier. Chevron’s earnings of $2.58 EPS is versus $2.64 EPS a year earlier and versus Thomson Reuters estimates of $2.84 EPS.
Many will be looking for some secondary trading in Exxon Mobil Corporation (NYSE: XOM) as the true Big Oil here, but Chevron actually has a heavier weighting in the Dow Jones Industrial Average or DJIA (NYSE: DIA). Chevron is the third highest weighting of all DJIA components and Exxon Mobil is sixth. The two alone count for about 11.5% of the entire DJIA.
The company noted that sales and operating revenues in the quarter 2011 were $58 billion, up from $52 billion in the year-ago period. This was mainly due to higher prices for crude oil and refined products. Unfortunately, higher prices have not translated to higher profits and margin pressure in refining may be partly to blame and currency could have been a factor as well.
Chevron noted that worldwide oil-equivalent production was a net 2.64 million barrels per day and for the year it added approximately 1.67 billion barrels of net oil-equivalent reserves.
Wall Street is not very impressed so far and we will wait for the conference call to find out more details only skimmed over in the press release. Shares are down 1.4% at $105.05 in early trading.
JON C. OGG
The Average American Is Losing Momentum On Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4%1 today. Checking accounts are even worse.
But there is good news. To win qualified customers, some accounts are paying more than 7x the national average. That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 4.00% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.