I just listened to the CVX conference call. I do not own any shares but noticed that they had such poor results the share price was off 4%. I believe that may be spilling into the whole neighborhood including COP. They missed on all expected figures, especially the production related figures.
The call had a totally different feel to it than the COP call. First, the 2 CVX execs on the call were the CEO, an Ag Econ major who came up through finance, and the CFO who is a Poly Sci major that apparently also came up through finance. NO TECH COMPETENCE on the call! Also no Pet Eng., Geophysical Eng. on the exec team anywhere. A few Civils, Mechanicals, Chemicals (good for downstream), and EE.
The 2 CVX execs were totally on the defensive the entire Q/A portion of call and could only defend based on qualitative sales pitch verbiage and a few poorly placed quips ("Oh, you want us to spend more? Ha Ha"). The CEO was OBVIOUSLY very nervous. The analysts were decidedly NOT impressed and were NOT buying the pitch. In fact one analyst who asked a pointed question and got a BS answer grunted a sarcastic sounding "uh huh" after the reply.
If I had any shares I'd be selling!
"or that cop will also have bad numbers"
Don't suppose you noticed but they actually already reported and the numbers were pretty good especially compared to CVX and XOM. They're the only one of these majors with production growth and in my opinion are getting dragged down with the cohort. Meanwhile, look at the price of oil, it's been in this range for months despite worries about a global slowdown and natural gas have been soaring.