Forward looking PE should be used on CVXNow what did kendricks say in the latest video conference. Potentially they could make .05c for the year. If that's the case the PE based on that would be .38/ .05= 7 and change which means the company based on forward looking PE is very cheap. There's also the question Is the company being conservative with their forward looking EPS If margins improve further and we manage to ink out a profit for Q1 and Q2 then yes .05 could be conservative. They should however come up with a buy back play where by they will buy certain amount of shares over 5 years spending only a $1 million If they do that they will get their money back from EPS going higher