Oil Major Chevron's Mixed Q4 Results: US Upstream Loss, Dividend Boost & More
Portfolio Pulse from Lekha Gupta
Chevron Corp (NYSE:CVX) reported mixed Q4 FY23 results with total revenues of $47.18 billion missing consensus estimates but adjusted EPS of $3.45 beating expectations. The company saw a loss in U.S. upstream operations but increased international upstream earnings and raised its dividend by 8%. Chevron also completed acquisitions, including PDC Energy, Inc. and a majority stake in ACES Delta, LLC, and announced an acquisition deal with Hess Corporation (NYSE:HES). Shares rose 1.42% in premarket trading.
February 02, 2024 | 1:11 pm
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POSITIVE IMPACT
Chevron reported mixed Q4 results, with a revenue miss but an EPS beat, alongside a dividend increase and strategic acquisitions.
The mixed earnings report, combined with the dividend increase and strategic acquisitions, likely contributed to the positive premarket stock movement. The loss in U.S. upstream operations is a concern but offset by international gains and overall strategic growth.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Chevron announced an acquisition deal with Hess Corporation, indicating strategic expansion.
The announcement of the acquisition deal with Hess Corporation suggests a strategic move by Chevron to expand its portfolio, which could be viewed positively by investors, potentially impacting Hess's stock positively in the short term.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 70