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February 02, 2010

BP, CVX, SU below Q4 Earnings Targets

A tough quarter for oil producers, refiners.  Excess refining capacity, weak demand for fuel internationally, and higher crude oil prices were largely the cause.

Suncor's (SU) fourth quarter earnings were expected to be C$0.41.  The company reported C$0.21, a wide miss.  Although british Petroleum (BP) made a $4.3 billion profit in the fourth quarter.  EPS consensus was $1.51 and the company missed by 5%.  Chevron (CVX) reported $1.53 per share for the quarter on analyst expectations of $1.70.  Exxon (XOM) and Valero (VLO) beat the street's projections.  Analyst consensus fro Exxon was $1.19 and the company delivered $1.27 per share.  For Valero, fourth quarter earnings were -$0.32, beating the consensus of -$0.47.  The company reiterated that 2010 would be a challenging year.  Disclosure: The author is long XOM.

Posted at 08:21 AM in ECONOMIC NEWS |

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