Chevron Q3 Earnings: Production Boost By PDC Energy & Permian Basin, Targets $2-$3 Billion In Structural Savings By 2026
Portfolio Pulse from Lekha Gupta
Chevron's Q3 earnings report shows a revenue beat and a 7% increase in oil-equivalent production, driven by the PDC Energy acquisition and Permian Basin output. Despite a drop in adjusted EPS, Chevron's shares rose 2.07% premarket. The company aims for $2-$3 billion in structural savings by 2026 and plans to divest $10-$15 billion in assets by 2028.
November 01, 2024 | 11:54 am
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POSITIVE IMPACT
Chevron's Q3 earnings report shows a revenue beat and a 7% increase in production, but a drop in adjusted EPS. The company targets $2-$3 billion in savings by 2026 and plans significant asset divestments.
Chevron's revenue beat and production increase are positive indicators, leading to a 2.07% premarket share price rise. The company's cost-saving and asset divestment plans further support a positive outlook.
CONFIDENCE 100
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Investors can gain exposure to Chevron's performance through the EA Series Trust Strive U.S. Energy ETF, which may benefit from Chevron's positive earnings report.
As an ETF with exposure to Chevron, DRLL may see positive effects from Chevron's strong earnings and production growth.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Westwood Salient Enhanced Energy Income ETF, with exposure to Chevron, may benefit from Chevron's positive Q3 earnings and production increase.
WEEI, having exposure to Chevron, might experience a positive impact from Chevron's earnings beat and production growth.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50