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Compared to Estimates, Chevron (CVX) Q2 Earnings: A Look at Key Metrics
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Chevron (CVX - Free Report) reported $48.9 billion in revenue for the quarter ended June 2023, representing a year-over-year decline of 28.9%. EPS of $3.08 for the same period compares to $5.82 a year ago.
The reported revenue represents a surprise of -4.90% over the Zacks Consensus Estimate of $51.42 billion. With the consensus EPS estimate being $2.95, the EPS surprise was +4.41%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Chevron performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Worldwide - Net liquids production per day: 1743 MBBL/D versus the five-analyst average estimate of 1711.31 MBBL/D.
U.S. Upstream - Net oil-equivalent production per day: 1219 MBOE/D versus the five-analyst average estimate of 1177.63 MBOE/D.
International Upstream - Net oil-equivalent production per day: 1740 MBOE/D versus 1752.73 MBOE/D estimated by five analysts on average.
International Upstream - Net crude oil and natural gas liquids production per day: 827 MBBL/D compared to the 828.81 MBBL/D average estimate based on four analysts.
U.S. Upstream - Net crude oil and natural gas liquids production per day: 916 MBBL/D versus 886.2 MBBL/D estimated by four analysts on average.
U.S. Upstream - Net natural gas production per day: 1817 Mcf/D versus the four-analyst average estimate of 1764.47 Mcf/D.
U.S. Downstream - Refined Product Sales: 1295 MBBL/D versus the three-analyst average estimate of 1162.61 MBBL/D.
Worldwide - Net natural gas production per day: 7295 Mcf/D compared to the 7459.21 Mcf/D average estimate based on three analysts.
International Downstream - Refined Product Sales: 1453 MBBL/D compared to the 1306.42 MBBL/D average estimate based on two analysts.
Revenues- Sales and other operating revenues: $47.22 billion versus $49.41 billion estimated by five analysts on average.
Revenues- Income (loss) from equity affiliates: $1.24 billion versus the five-analyst average estimate of $1.44 billion.
Revenues- Other income: $440 million versus the three-analyst average estimate of $418.26 million.
Shares of Chevron have returned +2.2% over the past month versus the Zacks S&P 500 composite's +3.8% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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Compared to Estimates, Chevron (CVX) Q2 Earnings: A Look at Key Metrics
Chevron (CVX - Free Report) reported $48.9 billion in revenue for the quarter ended June 2023, representing a year-over-year decline of 28.9%. EPS of $3.08 for the same period compares to $5.82 a year ago.
The reported revenue represents a surprise of -4.90% over the Zacks Consensus Estimate of $51.42 billion. With the consensus EPS estimate being $2.95, the EPS surprise was +4.41%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Chevron performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Worldwide - Net liquids production per day: 1743 MBBL/D versus the five-analyst average estimate of 1711.31 MBBL/D.
- U.S. Upstream - Net oil-equivalent production per day: 1219 MBOE/D versus the five-analyst average estimate of 1177.63 MBOE/D.
- International Upstream - Net oil-equivalent production per day: 1740 MBOE/D versus 1752.73 MBOE/D estimated by five analysts on average.
- International Upstream - Net crude oil and natural gas liquids production per day: 827 MBBL/D compared to the 828.81 MBBL/D average estimate based on four analysts.
- U.S. Upstream - Net crude oil and natural gas liquids production per day: 916 MBBL/D versus 886.2 MBBL/D estimated by four analysts on average.
- U.S. Upstream - Net natural gas production per day: 1817 Mcf/D versus the four-analyst average estimate of 1764.47 Mcf/D.
- U.S. Downstream - Refined Product Sales: 1295 MBBL/D versus the three-analyst average estimate of 1162.61 MBBL/D.
- Worldwide - Net natural gas production per day: 7295 Mcf/D compared to the 7459.21 Mcf/D average estimate based on three analysts.
- International Downstream - Refined Product Sales: 1453 MBBL/D compared to the 1306.42 MBBL/D average estimate based on two analysts.
- Revenues- Sales and other operating revenues: $47.22 billion versus $49.41 billion estimated by five analysts on average.
- Revenues- Income (loss) from equity affiliates: $1.24 billion versus the five-analyst average estimate of $1.44 billion.
- Revenues- Other income: $440 million versus the three-analyst average estimate of $418.26 million.
View all Key Company Metrics for Chevron here>>>Shares of Chevron have returned +2.2% over the past month versus the Zacks S&P 500 composite's +3.8% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.