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What Analyst Projections for Key Metrics Reveal About Chevron (CVX) Q2 Earnings

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In its upcoming report, Chevron (CVX - Free Report) is predicted by Wall Street analysts to post quarterly earnings of $1.66 per share, reflecting a decline of 34.9% compared to the same period last year. Revenues are forecasted to be $47.12 billion, representing a year-over-year decrease of 7.9%.

The consensus EPS estimate for the quarter has undergone an upward revision of 14.4% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.

Prior to a company's earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation between trends in earnings estimate revision and the short-term price performance of a stock.

While it's common for investors to rely on consensus earnings and revenue estimates for assessing how the business may have performed during the quarter, exploring analysts' forecasts for key metrics can yield valuable insights.

Bearing this in mind, let's now explore the average estimates of specific Chevron metrics that are commonly monitored and projected by Wall Street analysts.

Analysts' assessment points toward 'Revenues- Other income' reaching $182.25 million. The estimate indicates a change of -54.6% from the prior-year quarter.

The consensus among analysts is that 'Revenues- Income (loss) from equity affiliates' will reach $526.15 million. The estimate suggests a change of -56.4% year over year.

The combined assessment of analysts suggests that 'Revenues- Sales and other operating revenues' will likely reach $44.60 billion. The estimate indicates a year-over-year change of -10%.

Analysts forecast 'U.S. and International Upstream - Total net oil-equivalent production' to reach 3,325.97 thousands of barrels of oil equivalent per day. The estimate is in contrast to the year-ago figure of 3,292.00 thousands of barrels of oil equivalent per day.

Analysts predict that the 'U.S. Upstream - Net oil-equivalent production per day' will reach 1,675.02 thousands of barrels of oil equivalent. Compared to the current estimate, the company reported 1,572.00 thousands of barrels of oil equivalent in the same quarter of the previous year.

Based on the collective assessment of analysts, 'International Upstream - Net oil-equivalent production per day' should arrive at 1,651.44 thousands of barrels of oil equivalent. The estimate compares to the year-ago value of 1,720.00 thousands of barrels of oil equivalent.

The average prediction of analysts places 'U.S. Upstream - Net natural gas production per day' at 2827 thousands of cubic feet per day. The estimate compares to the year-ago value of 2643 thousands of cubic feet per day.

The consensus estimate for 'Worldwide - Net natural gas production per day (Natural Gas Production)' stands at 7852 thousands of cubic feet per day. Compared to the present estimate, the company reported 8021 thousands of cubic feet per day in the same quarter last year.

According to the collective judgment of analysts, 'Worldwide - Net crude oil and natural gas liquids production per day (Liquids Production)' should come in at 2,024.02 thousands of barrels of oil. Compared to the present estimate, the company reported 1,955.00 thousands of barrels of oil in the same quarter last year.

Analysts expect 'U.S. Upstream - Net crude oil and natural gas liquids production per day (Liquids Production)' to come in at 1,205.94 thousands of barrels of oil. The estimate compares to the year-ago value of 1,132.00 thousands of barrels of oil.

It is projected by analysts that the 'International Upstream - Net natural gas production per day (Natural Gas Production)' will reach 5025 thousands of cubic feet per day. Compared to the present estimate, the company reported 5378 thousands of cubic feet per day in the same quarter last year.

The collective assessment of analysts points to an estimated 'International Upstream - Net crude oil and natural gas liquids production per day (Liquids Production)' of 818.08 thousands of barrels of oil. The estimate compares to the year-ago value of 823.00 thousands of barrels of oil.

View all Key Company Metrics for Chevron here>>>

Shares of Chevron have demonstrated returns of +9.1% over the past month compared to the Zacks S&P 500 composite's +3.6% change. With a Zacks Rank #3 (Hold), CVX is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .


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