Chevron Q3 Results: Earnings Miss On Weak Upstream Performance, Lower Commodity Prices Curbs Sales
Portfolio Pulse from Lekha Gupta
Chevron Corp (CVX) reported Q3 FY23 total revenues of $54.1 billion, beating consensus but with sales falling to $51.9 billion from $63.5 billion a year ago due to lower commodity prices. Adjusted net earnings were $5.72 billion, missing the consensus. Lower upstream realizations and decreased margins on refined product sales negatively impacted earnings. The company declared a quarterly dividend per share of $1.51. CVX repurchased shares of $3.4 billion and paid dividends of $2.9 billion. CVX also recently acquired Hess Corp (HES) for $53 billion.
October 27, 2023 | 11:50 am
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NEGATIVE IMPACT
Chevron's Q3 earnings were impacted by lower upstream realizations and decreased margins on refined product sales. The company also declared a dividend and repurchased shares.
Chevron's earnings were lower than expected due to decreased margins and lower upstream realizations. This could negatively impact the company's stock price in the short term. The company's share repurchase and dividend declaration could provide some support to the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Chevron recently acquired Hess Corp in an all-stock transaction.
Chevron's acquisition of Hess Corp could have potential impacts on Hess's stock price. However, the exact impact is uncertain and would depend on the terms of the deal and market reaction.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50