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Barclays Q2 Predictions For Big Oil

Barclays Q2 Predictions For Big Oil - Chevron Corporation NYSE:CVX, Phillips 66 NYSE:PSX

Friday will see the big oil firms reporting their second-quarter numbers, and Barclays expects Exxon Mobil Corporation XOM 0.71%'s earnings to top consensus, while projecting EPS for Chevron Corporation CVX 0.27% below Street view. The brokerage expects an in-line results for Phillips 66 PSX 0.52%.

Exxon

Analyst Paul Cheng sees Exxon reporting second-quarter EPS of $0.67, compared to consensus expectation of $0.64. Cheng forecast total production at 3,923 mboe/d (000s boe/d), down 1 percent from last year.

The analyst projects upstream income of $830 million, down from $2.031 billion last year, downstream earnings plunging to $986 million from $1.506 billion prior year. Meanwhile, chemical earnings are estimated to rise 12 percent to $1.390 billion.

Chevron

For Chevron, the analyst estimates operating EPS of $0.29 compared to consensus of $0.32. Production is expected to be 2,533 mboe/d (000s boe/d), down 2 percent year-over-year.

The analyst sees upstream earnings to be negative $7 million, compared to $637 million profit in the same quarter last year. Cheng projects downstream earnings (including chemicals) at $857 million, lower than $1.349 billion a year ago.

Phillips 66

For Phillips 66, Cheng expects operating EPS of $0.93, in line with consensus. The analyst projects refining and marketing earnings of $385 million and expects throughput to average 2,240 mb/d (000s b/d), down 34 percent year-over-year. The analyst expects total refining gross margin of $3.8/bl versus $4.1/bl a year ago.

Cheng anticipates midstream earnings of $61 million compared to $48 million last year and sees chemicals earnings dropping to $170 million from $295 million the prior year.

Ratings And Recent Performances

Cheng has an Equal-Weight rating on all three stocks, with price targets of $102, $125 and $86, respectively.

Shares of Exxon, Chevron and Phillips 66 closed Tuesday's trading at $91.53, $102.68 and $76.23, respectively.

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DateFirmActionFromTo
Jul 2016JefferiesMaintainsBuy
Apr 2016BarclaysMaintainsEqualweight
Mar 2016Raymond JamesDowngradesOutperformMarket Perform

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