Earnings Beat: U.S. energy behemoth Chevron Corporation (NYSE:CVX) reported first quarter earnings per share of $1.39, surpassing the Zacks Consensus Estimate of $1.26.
Estimate Revision Trend & Surprise History: Investors should note that the Zacks Consensus Estimate for the quarter has been revised upward by two cents over the last seven days.
Chevron has a good earnings surprise history. The company beat estimates in three of the prior four quarters, with average earnings surprise of 7.51%.
Revenues Miss Estimates: Chevron posted revenues of $35.2 billion, lagging Zacks Consensus Estimate of $37.9 billion.
Key Stats: Chevron’s total production of crude oil and natural gas increased 6.5% compared with last year’s corresponding period to 3,038 thousand oil-equivalent barrels per day (MBOE/d) – the second successive quarter where volumes exceeded 3 million barrels per day. The U.S. output rose 21% year over year to 884 MBOE/d while the company’s international operations (accounting for 71% of the total) increased 1.7% to 2,154 MBOE/d.
However, the rise in production was offset by lower oil realizations, the result being a 6.8% decline in Chevron’s upstream segment profit – from $3.4 billion in the year-earlier quarter to $3.1 billion.
Chevron’s downstream segment achieved earnings of $252 million, 65.4% lower than the profit of $728 million last year. The decline primarily underlined a fall in refined products sales margins.
Zacks Rank: Currently, Chevron carries a Zacks Rank #3 (Hold).
(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)
Check back later for our full write up on this Chevron’s earnings report later!
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Chevron Corporation (CVX): Free Stock Analysis Report
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