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Bank of Montreal ZC SP ETN REDEEM 25/03/2039 USD 50 - Ser E YGRN
By Tajinder Dhillon
U.S. oil majors finished reporting 20Q1 results in the week starting May 4. The industry beat consensus expectations this quarter, led by Exxon Mobil (XOM), Chevron (CVX), ConocoPhillips (COP), Devon Energy (DVN), and Occidental Petroleum (OXY). As a result, the S&P 500 Energy sector led all sectors and posted the strongest earnings and revenue surprise this quarter with 124.1% earnings and 5.7% revenue surprise. If we exclude Exxon Mobil, the energy sector still generates an aggregate 58.7% earnings surprise. Exhibit 1 displays the 20Q1 results in more detail.