Companies /Energy

Chevron Corp

NYSE: CVX Oil & Gas Integrated
$200.53
â–² $0.76 (+0.38%) today
Markets open · 10:30am ET

Q1 2024 Earnings

Reported Apr 26, 2024, 6:15am ET · SEC source
$2.93
Beat +2.09%
EPS · est. $2.87
$48.7B
Miss −3.84%
Revenue · est. $50.7B
−8.9%
Trailing market
CVX vs S&P since report
7 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−1.4%−0.7%0+0.7%Apr 26Apr 26report 6:15am ETearnings+0.3%−0.0%
−1.4%−0.7%0+0.7%Apr 26Apr 26earnings+0.3%−0.0%
CVX −0.0%S&P 500 +0.3%
−1.8%−0.9%0+0.9%Apr 26Apr 26report 6:15am ETearnings+0.6%+0.0%
−1.8%−0.9%0+0.9%Apr 26Apr 26earnings+0.6%+0.0%
CVX +0.0%NASDAQ +0.6%
−2%0+2%Apr 25May 3report 6:15am ETearnings+1.1%−1.5%
−2%0+2%Apr 25May 3earnings+1.1%−1.5%
CVX −1.5%S&P 500 +1.1%
−2%0+2%Apr 25May 3report 6:15am ETearnings+1.8%−1.5%
−2%0+2%Apr 25May 3earnings+1.8%−1.5%
CVX −1.5%NASDAQ +1.8%
+0.37%
Day of report
+0.27%
Next session
−3.40%
One week
−5.42%
30 days

S&P 500 over the same 30 days: +3.51%.

Did CVX Beat Earnings? Q1 2024 Results

Chevron posted a mixed first quarter for 2024, delivering an earnings beat on the bottom line while falling short on revenue. Adjusted earnings per share came in at $2.93, edging past the $2.87 consensus estimate by 2.09%, though revenue of $48.72 billion trailed expectations of $50.66 billion by 3.84% and was essentially flat year-over-year, slipping 0.3% from the prior-year period. The headline narrative was one of contrasts: a 12% surge in worldwide net oil-equivalent production to 3,346 MBOED, driven largely by the PDC Energy acquisition and strong Permian Basin performance, could not fully offset the drag from sharply compressed refined product margins and weaker natural gas realizations, which pushed total earnings down from $6.57 billion a year ago to $5.50 billion. Downstream results bore the brunt of the pressure, with U.S. downstream earnings falling to $453 million from $977 million. Chevron also continued expanding its upstream footprint in key low-cost regions, reinforcing its strategic focus on volume-driven growth even as margin headwinds weighed on the quarter's overall results.

Key Takeaways
  • U.S. production up 35% from a year ago driven by PDC Energy acquisition and strong Permian and DJ Basin execution
  • Worldwide production up 12% year-over-year
  • Lower margins on refined product sales pressured downstream earnings
  • Lower natural gas realizations reduced international upstream earnings
  • Higher depreciation, depletion and amortization from increased production and PDC assets

“We had another quarter of strong operational and financial performance and delivered superior cash returns to shareholders. U.S. production was up 35 percent from a year ago, and we continued to meet major project milestones.”

Chevron CEO, on the earnings call

CVX YoY Financials

Q1 2024 vs Q1 2023 · SEC filings Q1 2023 Q1 2024
$0$20.0B$40.0B$48.8B$48.7BRevenue$6.6B$5.5BNet Income
$0$20.0B$40.0BRevenueNet Income

CVX Revenue by Segment

International Upstream$3.2B
U.S. Upstream$2.1B
International Downstream$330.0M
U.S. Downstream$453.0M

Figures from SEC filings and company reports. Not investment advice.