Brent crude 85% rise leaves OXY, XOM and CVX with mixed results
Brent crude rose 2026in 1since 85%. Occidental’s 1quarterly EPS of $1.06beat the forecast of $0.59, while hedging costs partially offset profits at Exxon and Chevron.
Brent crude rose 2026in 1since 85%. The gains were concentrated mainly in 3. Geopolitical tensions in the Middle East were a contributing factor.
Occidental Petroleum’s 1quarterly earnings showed earnings per share (EPS) of $1.06, above the forecast of $0.59. The company disclosed this figure in its quarterly results. The report presented 1quarterly results in detail.
ExxonMobil’s 1quarterly EPS of $1.16 was higher than the forecast of $1.01. However, the company disclosed hedging-related costs. It said hedging costs partially offset quarterly results.
Chevron 1quarterly EPS of $1.41exceeded the estimate of $0.97. Chevron also reported hedging costs. The company explained that these costs affected its results.
Because the sharp rise in oil prices was concentrated in one quarter, some companies were unable to fully reflect the price increase. Companies differed in their regional exposure and hedging strategies. As a result, earnings varied even under the same oil-price conditions.
Markets and companies 2raised expectations for quarterly earnings. The report said that earnings were expected to improve in 2. Specific figures can be confirmed in the next quarterly earnings announcement.
Sources: The Motley Fool
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