This morning, we got see two of the "biggest of the big" in the Big Oil complex report earnings.   You are seeing much more conservative earnings from Exxon Mobil Corp. (NYSE: XOM) and Chevron Corp. (NYSE: CVX).

Exxon Mobil’s results were$1.55 EPS, beating First Call estimates by 10 cents.  Keep in mind that the net income fell to 7.82 billion from $11.66 billion a year ago.  It posted$2.13 EPS in the same period a year ago.  And if you think that oilprices and oil demand being so much lower is not taking a revenue biteguess again.  Revenue plunged to $84.7 billion, from $116.6 billion posted in the same period a year ago.

The company sees spending $7 billion on share buybacks in Q1 to reduceits number of shares outstanding.  That is after spending $8.8 billionto repurchase some 119 million shares over the last quarter.

Chevron Corp. (NYSE: CVX) had netincome of $4.9 billion, but this includes almost $1.05 billion in gainsfrom asset exchanges and from foreign currency.  It posted earnings of$2.44 EPS, which is compared with $2.32 last year and estimates of $1.81.  It too saw a drop in revenue, which fellto $45.2 billion versus $61.4 billion a year ago.

Exxon Mobil shares are up almost 2% at $78.50 in early pre-markettrading, and its 52-week trading range is $56.51 to $96.12.  Chevronshares are up 2.7% at $72.55 in early per-market trading, and its52-week trading range is $55.50 to $104.63.

Jon C. Ogg
January 30, 2009

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