Barclays Capital is raising its earnings-per-share forecast for integrated oil companies by an average of 9% in 2010, while reducing its EPS forecast for refiners by an average of 69% in the same period.
Barclays Capital is raising its earnings-per-share forecast for
integrated oil companies by an average of 9% in 2010, while reducing its EPS
forecast for refiners by an average of 69% in the same period. "We now
expect most refiners to be only slightly profitable this year," says
Barclays' analyst Paul Cheng in a note to clients. The investment bank also
increased Chevron Corp.'s (CVX) 2010 EPS estimates to $8.75 from $8.15, but
reduced its 2009 EPS estimates for the San Ramon, Calf.-based company to $4.90
from $5.05. Chevron will report 4Q profits Jan. 29 but it will release an
interim earnings update Jan. 11. Exxon Mobil Corp. (XOM) will post quarterly
earnings Feb. 1. ConocoPhillips (COP) is expected to report profits the last
week of January.
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