Chevron's Strategic Advances In Oil Production Overshadowed By Q1 Revenue Miss
Portfolio Pulse from Akanksha Bakshi
Chevron Corp (NYSE:CVX) reported a Q1 2024 revenue of $48.716 billion, a 4.1% decrease YoY, missing expectations. Despite this, net oil-equivalent production increased, and adjusted net earnings beat consensus. U.S. Upstream earnings rose, while international upstream and downstream earnings fell. CVX returned $6 billion to shareholders and declared a quarterly dividend of $1.63 per share. Operating cash flow and cash reserves were reported, with CVX shares trading lower by 0.89% in premarket.
April 26, 2024 | 12:25 pm
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Chevron's Q1 2024 report shows a revenue miss but an increase in production and a beat on adjusted net earnings. The company also announced significant shareholder returns.
The revenue miss and the premarket share price drop indicate a negative short-term impact on CVX's stock. However, the increase in production and the beat on adjusted net earnings, along with significant shareholder returns, could mitigate some of the negative sentiment.
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