Oil Majors Exxon, Chevron Set for Big Earnings Jump

Both ExxonMobil Holdings Corp. and Chevron Corp. are set to report their third-quarter earnings on October 30, with analysts expecting a sharp year-over-year improvement in profitability.

For ExxonMobil, consensus forecasts indicate earnings per share will rise 81% to $3.40, while revenue is projected to grow 11.2% to $94.88 billion.

Chevron's forecast shows an even steeper jump in EPS, up 134% to $4.32, on a projected 10.5% revenue increase to $54.94 billion.

ExxonMobil moved forward with its Rovuma LNG project in Mozambique during the quarter, awarding about $1.1 billion in pre-investment contracts for Phase 1 of the project.