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Chevron (CVX) Jumps as Q1 Earnings Beat Estimates Handily

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Have you been eager to see how U.S. energy giant Chevron Corp. (CVX - Free Report) performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this San Ramon, CA-based company’s earnings release this morning:

About Chevron: Chevron is one of the largest publicly traded oil and gas companies in the world, based on proved reserves. It is engaged in oil and gas exploration and production, refining and marketing of petroleum products, manufacturing of chemicals, and other energy-related businesses.

Zacks Rank & Surprise History: Currently, Chevron has a Zacks Rank #3 (Hold) but that could change following its first quarter 2017 earnings report which has just released. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Coming to earnings surprise history, the company has a mixed record: its missed estimates in 2 of the last four quarters resulting in an average negative surprise of 16.46%.

Chevron Corporation Price and EPS Surprise

 

Chevron Corporation Price and EPS Surprise | Chevron Corporation Quote

Estimate Revision Trend: Investors should note that the earnings estimate revisions for Chevron depicted pessimism prior to the earnings release. The Zacks Consensus Estimate fell 8% over the last 30 days.

We have highlighted some of the key details from the just-released announcement below:

A Bigger-than-Expected Profit: Earnings per share came in at $1.41, much better than the Zacks Consensus Estimate of 85 cents. Higher commodity price realizations and improvement in domestic refining margins led to the outperformance.

Revenue Came in Higher than Expected: Chevron posted revenues of $33,421 million, above the Zacks Consensus Estimate of $32,008.7 million.

Stock Jumps: Chevron shares are up 2.4% in pre-market trade to $108.00.

Key Stats: Chevron’s total production of crude oil and natural gas remained essentially unchanged from the year-earlier level at 2,676 thousand oil-equivalent barrels per day (MBOE/d). The U.S. output decreased 4% year over year to 672 MBOE/d, while the company’s international operations (accounting for 75% of the total) was up 2% to 2,004 MBOE/d.

Despite flat production volumes, Chevron’s upstream segment had a massive turnaround – from a loss of $1,459 million in the year-earlier quarter to a profit of $1,517 million. This was mainly on account of a leaner cost structure and higher realizations.

Chevron’s downstream segment achieved earnings of $926 million, 26% more than the profit of $735 million last year. The results were driven by higher margins on refined product sales in the U.S.

Share Performance: Shares have fallen 6% over the past 3 months, while the Zacks categorized Oil & Gas - International Integrated industry has lost 4%. Over the last 12 months, Chevron stock has risen 3%.

Check back later for our full write up on this Chevron earnings report later!

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