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Chevron reported strong third quarter results Friday along with fellow oil major ExxonMobil. $CVX Upstream revenue was higher with oil prices as Oil and gas production rises strongly in Australia and the Texas Permian.

Chevron Gas Station

Chevron Inc. (NYSE: $CVX) Reported Earnings Before Open Friday

$2.11 Beat $2.10 EPS on $43.99 Missed $45.59 Billion Revenue Forecast

Earnings

Chevron Corp. (NYSE: CVX) reported third quarter results on Friday with a profit of $4.05 billion, more than double its earnings from a year ago. The earnings per share was $2.11, slightly beating Wall Street's expectations for $2.10 per share. Chevron’s revenue increased by 21 percent from a year ago to $43.99 billion, but still came in light of estimates of $46.59 billion. 

Shares of Chevron have been in a 52-week range is $108.02 to $133.88. Last quarter CVX EPS was $1.78 on revenue of $42.24 billion which missed Thomson Reuters estimates of $45.59 billion and expected $2.10 EPS.

Chevron Corporation NYSE: CVX

Market Reaction Pre-market 115.00 +3.83 (+3.45%)

Highlights

  • Oil-equivalent production rose 9% from a year ago to 2.96 million barrels per day, which the company said was its highest ever, led by the Wheatstone play in Australia and the Permian Basin in the U.S.
  • Upstream income rose 591% to $3.38 billion
  • Downstream income dropped 24% to $1.37 billion.
  • Adjusted operating cash flow leapt 58% to $23.3 billion.

 

Chevron Inc. Q2 Earnings Recap

$1.78 Missed $2.10 EPS and $42.24 billion missed $45.59 billion forecast in revenue 

Earnings

EPS of $1.78 on revenue of $42.24 billion missed Thomson Reuters estimates of $45.59 billion and expected $2.10 EPS.

Chevron Corporation NYSE: CVX

Market Reaction > Lunch $125.31 USD +1.36 (1.10%)

Highlights

Upstream

  • Upstream earnings soared 286% to $3.3 billion

Downstream

  • Downstream earnings fell 30% to $838 million, largely due to lower margins on refined product sales from its international refining operations.
  • Production edged up about 2% to 2.83 million boe per day.

Cap Ex

Capital and exploratory spending grew 6% to $4.82 billion. Cash flow from operations in the first six months of 2018 climbed 36% to $11.9 billion.

Buybacks

"Our cash flow continues to improve with higher upstream margins and volumes, combined with disciplined spending," Chairman and CEO Michael Wirth said in a statement. "This enables us to initiate share repurchases, which are expected to be $3 billion per year based on our current outlook."

CVX Earnings Q2 18Source: AlphaStreet

 

About Chevron

What Analysts Will Be Watching

Chevron Corp. is a U.S.-based integrated oil and gas company with worldwide operations in exploration and production, refining and marketing, transportation and petrochemicals. It has large exposure to the Permian and to LNG with the  Wheatstone Chevron LNG Facility production starting in Western Australia

The Permian Basin remains a key source of capital flexibility, and it is a key issue behind many analysts preference for Chevron versus some of the other majors. Chevron’s liquids-rich upstream segment is likely to benefit from higher crude price realizations. This segment is expected to record higher production volumes on the back of major capital projects including Gorgon, and core developments in the Gulf of Mexico and Permian Basin.

Previous Earnings: 

Sources: TradersCommunity, AlphaStreet, XOM, CVX

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