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XOM, CVX, RDS.A, and BP: Did Their Earnings Fall in Q1?

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May. 6 2019, Published 2:33 p.m. ET

Integrated energy companies’ results in the first quarter

Integrated energy companies’ earnings fell in the first quarter. While ExxonMobil (XOM) missed Wall Street’s earnings estimate, Chevron (CVX), Royal Dutch Shell (RDS.A), and BP (BP) surpassed the estimates.

Let’s look more closely at the details of their performances.

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ExxonMobil’s first-quarter earnings fell

ExxonMobil’s earnings fell from $4.7 billion in the first quarter of 2018 to $2.4 billion in the first quarter of 2019. The fall in its earnings was the result of an across-the-board fall in its segmental earnings. ExxonMobil’s Upstream, Downstream, and Chemical earnings fell YoY (year-over-year) in the first quarter of 2019 led by lower Upstream realizations, weaker Downstream margins, and higher maintenance activities.

Chevron’s first-quarter earnings review

Chevron’s adjusted earnings fell from $3.6 billion in the first quarter of 2018 to $2.8 billion in the first quarter of 2019. The decline in its earnings YoY was the result of a fall in its Upstream as well as its Downstream earnings.

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Shell’s first-quarter earnings saw the lowest fall

Shell’s adjusted earnings fell 2% YoY to $5.4 billion in the first quarter of 2019 led by an increase in corporate expenses driven by lower tax credits.

However, earnings from all three of its segments—Upstream, Integrated Gas, and Downstream—rose in the quarter, which was favorable. The rise was led by better natural gas and liquefied natural gas realizations, higher upstream volumes, and higher trading activities.

BP’s first-quarter earnings

BP’s adjusted earnings fell 8.8% YoY to $2.4 billion in the first quarter of 2019 due to a fall in its adjusted Upstream and Downstream earnings partly offset by a rise in its adjusted Rosneft earnings YoY in the quarter.

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