On October 15, Jim Cramer told Mad Money viewers to swap Exxon for Chevron unless tax implications apply, and both companies report third-quarter results before the open on October 30. Year to date, Exxon shares are up 48.4% and Chevron shares 47.0%. In the second quarter, Exxon reported earnings of $14.5 billion and operating cash flow of $23.6 billion despite the Middle East conflict temporarily knocking out about 10% of upstream production, while Chevron reported adjusted EPS of $6.06 and adjusted free cash flow of $15.4 billion. Consensus estimates are $3.98 in EPS for Exxon and $4.83 for Chevron. The article says Exxon's upstream volumes and refining margins, and Chevron's free cash flow and Project Kilby timeline, will help determine whether the call holds.
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