Exxon, Chevron expected to post steep drops in earnings for third quarter

report earnings on Friday before the bell as energy companies continue to struggle, pressured by falling oil prices, waning demand and squeezed margins.

Analysts were more or less warned ahead of time that the company might continue to face headwinds this quarter. Following the October 1 filing, Mizuho analyst Paul Sankey slashed his earnings expectations for the quarter from $1.04 to 65 cents since the company "continues to struggle to generate strong earnings." While he said that earnings should improve from the prior quarter, he expected the improvement to be offset by lower oil prices.

Last quarter, Exxon beat top and bottom line estimates as strength in the company's upstream business offset weakness in the refining and chemical divisions. Profit did decline by 21%, however. Raymond James analyst John Freeman has an outperform rating and $132 target on the stock. His EPS estimate of $1.58 is above consensus.

Too much money on shale that isn't truly profitable... Biggest Ponzi scheme going right now. OOTT

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