Oil companies like Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), Tesoro (NYSE:TSO) and Frontier Oil (NYSE:FTO) should rebound in earnings in this quarter, although it should be tempered with some caution.
Some of the earnings improvement are being generated from cost cutting by shutdowns, and that means organic growth isn't happening at this time, although margins in general seem to be increasing.
Even with Chevron reporting profits, it's highly unlikely they came from the oil segment, as they put their chemical and refining units together as downstream when they report, so the chemical division could easily have hidden a poor performance from their oil unit.
With most other oil companies struggling in that regard, Chevron probably did too.
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