Beats and Misses in Q3 2018: XOM, CVX, RDS.A, BP

Integrated energy companies ExxonMobil (XOM), Chevron (CVX), Royal Dutch Shell (RDS.A), and BP (BP) performed quite robustly in Q3 2018. Only one of these companies missed Wall Street analysts’ third-quarter earnings estimates. Let’s take a closer look.

In Q3 2018, ExxonMobil’s (XOM) revenues, at $76.6 billion, beat Wall Street estimates by ~4%. Plus, the company’s third-quarter EPS stood at $1.46, beating Wall Street analysts’ estimated EPS of $1.23 by about 18%. Of the past three years, this is ExxonMobil’s highest quarterly EPS since Q3 2015. Plus, ExxonMobil’s Q3 2018 EPS stood 51% higher than its adjusted EPS in Q3 2017.

In Q3 2018, Chevron’s revenues, at $44 billion, missed Wall Street analysts’ estimate. However, in the third quarter, Chevron’s reported EPS stood at $2.11, which beat Wall Street analysts’ estimated EPS of $2.06 by ~2%. Adjusting for special items, Chevron’s adjusted EPS stood at $2.44, about 187% higher than its adjusted EPS in Q3 2017.

In Q3 2018, Royal Dutch Shell’s (RDS.A) revenues, at $100.2 billion, beat Wall Street analyst estimates. However, in the quarter, Shell’s adjusted EPS (earnings per ADS) stood at $1.3, compared to its estimated EPS of $1.5, missing analysts’ estimate. Nonetheless, Shell’s third-quarter earnings rose 35% year-over-year.

BP’s (BP) third-quarter revenues stood at $79.5 billion, around 32% higher than the Q3 2017 revenues. BP reported diluted EPS (earnings per ADS) of $1.00 in Q3 2018. However, BP’s adjusted EPS stood at $1.14, which beat Wall Street analysts’ estimate of $0.85. Also, BP’s third-quarter adjusted EPS almost doubled year-over-year.

In the next part of this series, we’ll dig deeper into these Q3 2018 earnings.