San Ramon, CA-based Chevron Corp. (CVX) 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.
Currently, Chevron has a Zacks Rank #3 (Hold) but that could change following its second quarter 2015 earnings report which has just released. Coming to earnings surprise history, the company has an excellent record: its beaten estimates in each of the last four quarters at an average rate of 30.81%.
We have highlighted some of the key details from the just-released announcement below:
Earnings: Chevron misses on earnings. Earnings per share came in at 30 cents, well below the Zacks Consensus Estimate of $1.13. Excluding one-time items (non-cash charges and asset sales), the company earned around 75 cents, still lower than consensus.
Revenue: Revenues above expectations. Revenues of $40,357 million were ahead of the Zacks Consensus Estimate of $29,533 million.
Key Stats: Chevron’s total production of crude oil and natural gas edged up 2% from the year-earlier level to 2,596 thousand oil-equivalent barrels per day (MBOE/d). The U.S. output increased 9.5% year over year, partially offset by a 0.6% decline in the company’s international operations (accounting for 72% of the total). However, gains on the production front could not make up for the sharp downfall in oil prices, the net effect resulting in a huge loss for the upstream segment – at $2,219 billion.
Chevron’s downstream segment achieved earnings of $2,956 million, considerably higher than the profit of $721 million last year. The results were buoyed by higher refinery margins on the back of lower feedstock costs.
Stock Price: Chevron shares are down almost 2.4% in the pre-market trading session.
Check back later for our full write up on this Chevron earnings report later!
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