Chevron Corporation (CVX - Free Report) reported adjusted third-quarter earnings per share of $2.96, beating the Zacks Consensus Estimate of $2.21. Meanwhile, the company reported a profit of just 18 cents per share in the year-ago period.
Chevron follows peers ExxonMobil (XOM - Free Report) and Royal Dutch Shell in coming up with third-quarter earnings. Meanwhile, BP plc (BP - Free Report) will reveal quarterly numbers early next week. Chevron’s impressive earnings reflects higher commodity prices and production, plus increase in refined products sales.
The company generated revenues of $44.7 billion. The sales figure beat the Zacks Consensus Estimate of $42.5 billion and increased 82.3% year over year.
Cash Flows, Capital Expenditure
The company recorded $8.6 billion in cash flow from operations, more than doubling from $3.5 billion a year ago. The soaring cash flow could be attributed to strong price realizations in the upstream business. Importantly, Chevron’s free cash flow for the quarter was a record $6.7 billion.
In the third quarter, Chevron paid $2.6 billion in dividends and bought back $625 million worth of its shares.
The Zacks Rank #1 (Strong Buy) company spent $2.8 billion in capital and exploratory expenditures during the quarter, compared to the year-ago period’s $2.6 billion. Some 84% of the total outlays pertained to upstream projects.
You can see the complete list of today’s Zacks #1 Rank stocks here.
Balance Sheet
As of Sep 30, the San Ramon, CA-based company had $6 billion in cash and cash equivalents and total debt of $37.3 billion with a debt-to-total capitalization of about 21.6%.
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Chevron Corporation (CVX - Free Report) reported adjusted third-quarter earnings per share of $2.96, beating the Zacks Consensus Estimate of $2.21. Meanwhile, the company reported a profit of just 18 cents per share in the year-ago period.
Chevron follows peers ExxonMobil (XOM - Free Report) and Royal Dutch Shell in coming up with third-quarter earnings. Meanwhile, BP plc (BP - Free Report) will reveal quarterly numbers early next week. Chevron’s impressive earnings reflects higher commodity prices and production, plus increase in refined products sales.
The company generated revenues of $44.7 billion. The sales figure beat the Zacks Consensus Estimate of $42.5 billion and increased 82.3% year over year.
Cash Flows, Capital Expenditure
The company recorded $8.6 billion in cash flow from operations, more than doubling from $3.5 billion a year ago. The soaring cash flow could be attributed to strong price realizations in the upstream business. Importantly, Chevron’s free cash flow for the quarter was a record $6.7 billion.
In the third quarter, Chevron paid $2.6 billion in dividends and bought back $625 million worth of its shares.
The Zacks Rank #1 (Strong Buy) company spent $2.8 billion in capital and exploratory expenditures during the quarter, compared to the year-ago period’s $2.6 billion. Some 84% of the total outlays pertained to upstream projects.
You can see the complete list of today’s Zacks #1 Rank stocks here.
Balance Sheet
As of Sep 30, the San Ramon, CA-based company had $6 billion in cash and cash equivalents and total debt of $37.3 billion with a debt-to-total capitalization of about 21.6%.
Zacks Naming Top 10 Stocks for 2024
Want to be tipped off early to our 10 top picks for the entirety of 2024?
History suggests their performance could be sensational.
From 2012 (when our Director of Research, Sheraz Mian assumed responsibility for the portfolio) through November, 2023, the Zacks Top 10 Stocks gained +974.1%, nearly TRIPLING the S&P 500’s +340.1%. Now Sheraz is combing through 4,400 companies to handpick the best 10 tickers to buy and hold in 2024. Don’t miss your chance to get in on these stocks when they’re released on January 2.
Be First to New Top 10 Stocks >>
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