Chevron Beats 1Q Earnings Estimates on Cuts to Operating Expenses

The transcript discusses the recent earnings reports of Chevron and Exxon, highlighting weaknesses in production and downstream operations. Exxon's earnings per share fell short of estimates, with significant losses in refining and chemicals. Despite a rally in oil prices, the benefits are expected to be delayed. Attention is now on upcoming earnings calls, particularly Chevron's, with a focus on M&A activities involving Occidental Petroleum's bid for Anadarko.

What was the reported earnings per share for Exxon compared to the estimate?

• $0.72 reported, $0.55 estimated

• $0.72 reported, $0.72 estimated

• $0.55 reported, $0.55 estimated

• $0.55 reported, $0.72 estimated

What was the main issue affecting the downstream operations of Chevron and Exxon?

• Low oil prices

• High production costs

• Weak margins

• Increased competition

When are Exxon expected to see the benefits of higher crude prices?

• Immediately

• First quarter

• Second or third quarter

• Fourth quarter

What is the main focus of Chevron's upcoming earnings call?

• Oil price forecasts

• Downstream operations

• Mergers and Acquisitions

• Production levels

Which company made a public bid to acquire Anadarko?

• Shell

• Occidental Petroleum

• Exxon

• Chevron