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


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

$1.95 Beat $1.87 EPS and $42.35 B Beat $41.63 Billion Revenue Forecast

Earnings

Chevron Corp. (NYSE: CVX) reported fourth quarter results on Friday with a EPS of $1.95 on revenue of $42.35 billion beating analysts estimates of $1.87 per share with revenue of $41.63 billion.

Net income was $3.7 billion was up from $3.1 billion or $1.64 per share recorded in the prior-year period. The results benefited from record production and higher crude oil prices.

Chevron Corporation NYSE: CVX

Market Reaction Pre-market Pre-market 116.30 +1.65 (1.44%)

Highlights

  • Production rose 12% to 3.08 million barrels of oil equivalent per day.
  • Capital spending rose 6% to $5.76 billion.

“Earnings and cash flow continued to grow, and we delivered on all of our financial priorities. We increased the dividend, funded an attractive capital program, strengthened the balance sheet and returned surplus cash to our shareholders,” said CEO Michael Wirth.

Outlook:

Production is seen growing 4%-7% in 2019 after rising 7% to 2.93 million barrels of oil equivalent per day in 2018.

Chevron Q3 Earnings Recap

$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.

 

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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