Exxon, Chevron Turns To Profit In Q1: Energy ETFs In Focus

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The beleaguered energy sector seems to be turning around with two big oil giants returning to profit in the first quarter on an oil price rally. Exxon Mobil XOM posted big profits with better-than-expected earnings while results from Chevron CVX have been mixed (see: all the Energy ETFs here).

Exxon is the top performer among the supermajors this year, climbing 44%, followed by a gain of 27% for Chevron, according to data compiled by Bloomberg.

Earnings in Focus

The largest U.S. oil producer Exxon Mobil came up with earnings of 65 cents per share, beating the Zacks Consensus Estimate of 59 cents and the year-ago earnings of 53 cents per share. Revenues rose 6% year over year to $59.15 billion and edged past the estimated figure of $55.16 billion.

Chevron reported earnings of 92 cents per share, missing the Zacks Consensus Estimate by a couple of cents. The company had earned $1.31 per share in the year-ago period. Revenues grew 1.7% year over year to $32 billion and edged past the consensus mark of $30.9 billion (read: Best ETF Investment Strategies for Q2 2021).

ETFs in Focus

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