The Rising Influence of Rising Affluence

[DewDiligence]

CVX forecasts 4Q13 EPS “comparable to” 3Q13:

http://www.bloomberg.com/news/2014-01-09/chevron-says-fourth-quarter-profit-little-changed-from-third.html

Chevron is expected to report per-share profit of $2.87, excluding some extraordinary items, when full fourth-quarter results are released on Jan. 31. That’s the average of 17 analysts’ estimates compiled by Bloomberg. The company reported earnings of $2.57 a share in the third quarter.

Clearly, the Wall Street consensus forecast was too high.

In CVX’s own PR (http://finance.yahoo.com/news/chevron-issues-interim-fourth-quarter-220000026.html ), the company said that upstream earnings declined QoQ while downstream earnings rose. The average price realization for oil in October-November 2013 was $90.17/bbl US and $99.55/bbl ex-US, down from $97.18 and $104.29, respectively, in 3Q13.

CVX reports 4Q13 financial results on 1/31/14.