Companies /Energy

Chevron Corp

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

Q3 2024 Earnings

Reported Nov 1, 2024, 6:16am ET · SEC source
$2.51
Beat +3.29%
EPS · est. $2.43
$48.9B
Miss −0.12%
Revenue · est. $49.0B
−3.0%
Trailing market
CVX vs S&P since report
7 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−0.9%0+0.9%+1.8%Nov 1Nov 1report 6:16am ETearnings+0.1%+0.0%
−0.9%0+0.9%+1.8%Nov 1Nov 1earnings+0.1%+0.0%
CVX +0.0%S&P 500 +0.1%
−0.9%0+0.9%+1.8%Nov 1Nov 1report 6:16am ETearnings+0.4%+0.0%
−0.9%0+0.9%+1.8%Nov 1Nov 1earnings+0.4%+0.0%
CVX +0.0%NASDAQ +0.4%
−3%0+3%Oct 31Nov 8report 6:16am ETearnings+4.6%+2.8%
−3%0+3%Oct 31Nov 8earnings+4.6%+2.8%
CVX +2.8%S&P 500 +4.6%
−3%0+3%+6%Oct 31Nov 8report 6:16am ETearnings+5.7%+2.8%
−3%0+3%+6%Oct 31Nov 8earnings+5.7%+2.8%
CVX +2.8%NASDAQ +5.7%
+2.86%
Day of report
+0.59%
Next session
+2.52%
One week
+3.43%
30 days

S&P 500 over the same 30 days: +6.41%.

Did CVX Beat Earnings? Q3 2024 Results

Chevron delivered a mixed but resilient third quarter, posting adjusted earnings per share of $2.51 against a consensus estimate of $2.43, a beat of 3.29%, even as revenue of $48.93 billion came in fractionally below the $48.99 billion estimate and fell 5.8% from a year ago. The headline story was margin compression across the board: lower realizations on refined products, weaker upstream pricing, and the absence of favorable prior-year tax items pushed reported net income to $4.49 billion, down sharply from $6.53 billion in Q3 2023. Offsetting that pressure, worldwide production climbed 7% year-over-year to 3,364 thousand barrels of oil-equivalent per day, with U.S. volumes setting a quarterly record on the back of strong Permian Basin output. Chevron also returned a record $7.70 billion to shareholders through buybacks and dividends. Looking ahead, the company is targeting $2 to $3 billion in structural cost reductions by end of 2026 and expects Gulf of Mexico production to reach 300,000 barrels per day by 2026 as new deepwater projects ramp up.

Key Takeaways
  • Record Permian Basin production driving 7% year-over-year worldwide production growth
  • PDC Energy acquisition contributing to higher U.S. production volumes
  • Lower margins on refined product sales impacting downstream earnings
  • Lower upstream realizations reducing upstream profitability
  • Absence of prior year favorable tax items in international upstream
  • Higher dividends from equity affiliates and favorable working capital effects supporting cash flow

“We delivered strong financial and operational results, started up key projects in the U.S. Gulf of Mexico and returned record cash to shareholders this quarter.”

Chevron CEO, on the earnings call

Forward Guidance & Outlook

Chevron expects to close asset sales in Canada, Congo, and Alaska in Q4 2024, as part of its plan to divest $10-15 billion of assets by 2028. The company is targeting $2-3 billion of structural cost reductions from 2024 levels by the end of 2026. U.S. Gulf of Mexico production is expected to grow to 300,000 barrels of net oil-equivalent per day by 2026 through current and upcoming project start-ups. The company has realized approximately 30% greater-than-projected capital expenditure and cost synergies from the PDC Energy acquisition.

CVX YoY Financials

Q3 2024 vs Q3 2023 · SEC filings Q3 2023 Q3 2024
$0$20.0B$40.0B$51.9B$48.9BRevenue$9.1B$6.5BOperating Income$6.5B$4.5BNet Income
$0$20.0B$40.0BRevenueOperating IncomeNet Income

CVX Revenue by Segment

International Upstream$2.6B
U.S. Upstream$1.9B
International Downstream$449.0M
U.S. Downstream$146.0M

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