By Tajinder Dhillon
U.S. oil companies finished reporting 19Q3 earnings, posting a significant overall decline in YoY growth. Notables including Exxon (XOM), Chevron (CVX), and Occidental (OXY) experienced a decline of 54.1%, 26.5%, and 93.8% in YoY earnings. Top-line revenue also declined 15.1%, 17.9%, and 4.9%, respectively.
Aggregate YoY earnings growth dropped 49.2%, while aggregate revenue declined 14.3%.
Exhibit 1 highlights aggregated results for the S&P 500 Integrated Oil & Gas and Oil & Gas Exploration & Production sub-industries.
Exhibit 1: 19Q3 Results for S&P 500 Energy E&P
Decline in commodity prices
It was expected