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Compared to Estimates, Chevron (CVX) Q3 Earnings: A Look at Key Metrics
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For the quarter ended September 2023, Chevron (CVX - Free Report) reported revenue of $54.08 billion, down 18.9% over the same period last year. EPS came in at $3.05, compared to $5.56 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $54 billion, representing a surprise of +0.15%. The company delivered an EPS surprise of -17.12%, with the consensus EPS estimate being $3.68.
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.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
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: 1831 millions of barrels of oil versus 1771.96 millions of barrels of oil estimated by five analysts on average.
International Upstream - Net oil-equivalent production per day: 1739 millions of barrels of oil equivalent compared to the 1735.42 millions of barrels of oil equivalent average estimate based on five analysts.
U.S. Upstream - Net crude oil and natural gas liquids production per day: 1028 millions of barrels of oil compared to the 959.42 millions of barrels of oil average estimate based on four analysts.
International Upstream - Net crude oil and natural gas liquids production per day: 803 millions of barrels of oil versus 817.05 millions of barrels of oil estimated by four analysts on average.
U.S. Upstream - Net oil-equivalent production per day: 1407 millions of barrels of oil equivalent versus 1324.45 millions of barrels of oil equivalent estimated by four analysts on average.
U.S. Upstream - Net natural gas production per day: 2,275 Mcf/D compared to the 1,985.41 Mcf/D average estimate based on four analysts.
Worldwide - Net natural gas production per day: 7,891 Mcf/D compared to the 7,519.55 Mcf/D average estimate based on three analysts.
International Upstream - Net natural gas production per day: 5,616 Mcf/D versus 5,594.77 Mcf/D estimated by three analysts on average.
International Downstream - Refined Product Sales: 1431 millions of barrels of oil per day compared to the 1398.43 millions of barrels of oil per day average estimate based on two analysts.
Revenues- Sales and other operating revenues: $51.92 billion versus $49.14 billion estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -18.2% change.
Revenues- Income (loss) from equity affiliates: $1.31 billion compared to the $1.59 billion average estimate based on four analysts. The reported number represents a change of -45.5% year over year.
Revenues- Other income: $845 million versus $389.05 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +16.4% change.
Shares of Chevron have returned -9.3% over the past month versus the Zacks S&P 500 composite's -2.7% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
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Compared to Estimates, Chevron (CVX) Q3 Earnings: A Look at Key Metrics
For the quarter ended September 2023, Chevron (CVX - Free Report) reported revenue of $54.08 billion, down 18.9% over the same period last year. EPS came in at $3.05, compared to $5.56 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $54 billion, representing a surprise of +0.15%. The company delivered an EPS surprise of -17.12%, with the consensus EPS estimate being $3.68.
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.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
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: 1831 millions of barrels of oil versus 1771.96 millions of barrels of oil estimated by five analysts on average.
- International Upstream - Net oil-equivalent production per day: 1739 millions of barrels of oil equivalent compared to the 1735.42 millions of barrels of oil equivalent average estimate based on five analysts.
- U.S. Upstream - Net crude oil and natural gas liquids production per day: 1028 millions of barrels of oil compared to the 959.42 millions of barrels of oil average estimate based on four analysts.
- International Upstream - Net crude oil and natural gas liquids production per day: 803 millions of barrels of oil versus 817.05 millions of barrels of oil estimated by four analysts on average.
- U.S. Upstream - Net oil-equivalent production per day: 1407 millions of barrels of oil equivalent versus 1324.45 millions of barrels of oil equivalent estimated by four analysts on average.
- U.S. Upstream - Net natural gas production per day: 2,275 Mcf/D compared to the 1,985.41 Mcf/D average estimate based on four analysts.
- Worldwide - Net natural gas production per day: 7,891 Mcf/D compared to the 7,519.55 Mcf/D average estimate based on three analysts.
- International Upstream - Net natural gas production per day: 5,616 Mcf/D versus 5,594.77 Mcf/D estimated by three analysts on average.
- International Downstream - Refined Product Sales: 1431 millions of barrels of oil per day compared to the 1398.43 millions of barrels of oil per day average estimate based on two analysts.
- Revenues- Sales and other operating revenues: $51.92 billion versus $49.14 billion estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -18.2% change.
- Revenues- Income (loss) from equity affiliates: $1.31 billion compared to the $1.59 billion average estimate based on four analysts. The reported number represents a change of -45.5% year over year.
- Revenues- Other income: $845 million versus $389.05 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +16.4% change.
View all Key Company Metrics for Chevron here>>>Shares of Chevron have returned -9.3% over the past month versus the Zacks S&P 500 composite's -2.7% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.