Just read an article which stated that XOM 3rd qtr earnings are to be $1.40 Vs. $1.60 for the second qtr. How does this make sense? Oil prices are significantly higher this qtr and look to be higher in the 4th qtr as well. I realize that profits are not solely based on the price of oil and includes things such as refiner margins and downstream revenue. However, there is a correlation between integrated oil profits and the price of oil. How can XOM profits be lower this qtr? Does not make sense to me. By the way, I have owned XOM for over 30 years at a basis cost that is not much higher than the current dividend. If responding to this post, please use factual arguments ratnher than opinioned drivel. If XOM profits are indeed lower this qtr, there are REAL problems with this company.
Natural gas accounts for a big chunk of upstream earnings - and natural gas prices, especially in the U.S., have been in freefall since the Spring. Don't know if XTO is rolled in yet, but near-term that would make the problem even worse. Take a chill pill fella - no problems at XOM, as there is enormous upside leverage built into the earnings base as crude prices continue to advance and natural gas prices recover.