The bottom line is that big oil has likely made a mint of money in the third quarter, not significantly different from the massive amounts they coined in the second quarter and fantastically better than their results in the third quarter of 2010.
And although complex "upstream", "midstream" and "downstream" components of the reports that Chevron, Exxon, Conoco and others are about to deliver will cloud the waters, the still relatively high price of oil will continue to be the most striking and profitable piece of their earnings profiles.
All will handily beat expectations in this quarter, and I expect the shares to pop.
So even though these shares are not at their sweet spot right now, investors shouldn't fear earnings misses.At the time of publication, Dicker owned shares of Chevron.
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