Advertisement
Australia markets closed

  • ALL ORDS

    7,817.40
    -81.50 (-1.03%)
     

  • ASX 200

    7,567.30
    -74.80 (-0.98%)
     

  • AUD/USD

    0.6421
    -0.0004 (-0.07%)
     

  • OIL

    83.24
    +0.51 (+0.62%)
     

  • GOLD

    2,406.70
    +8.70 (+0.36%)
     

  • Bitcoin AUD

    99,306.54
    +4,163.83 (+4.38%)
     

  • CMC Crypto 200

    1,370.40
    +57.77 (+4.40%)
     

  • AUD/EUR

    0.6023
    -0.0008 (-0.13%)
     

  • AUD/NZD

    1.0893
    +0.0018 (+0.17%)
     

  • NZX 50

    11,796.21
    -39.83 (-0.34%)
     

  • NASDAQ

    17,037.65
    -356.67 (-2.05%)
     

  • FTSE

    7,895.85
    +18.80 (+0.24%)
     

  • Dow Jones

    37,986.40
    +211.02 (+0.56%)
     

  • DAX

    17,737.36
    -100.04 (-0.56%)
     

  • Hang Seng

    16,224.14
    -161.73 (-0.99%)
     

  • NIKKEI 225

    37,068.35
    -1,011.35 (-2.66%)
     

Chevron (CVX) Q1 Loss Wider Than Expected on Oil Slump

Zacks Equity Research
Updated

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 first quarter 2016 earnings report which has just released. Coming to earnings surprise history, the company has a mixed record: its beaten estimates in 2 of the last four quarters.

We have highlighted some of the key details from the just-released announcement below:

Earnings: Chevron reports loss. Loss per share came in at 39 cents, wider than the Zacks Consensus Estimate for a loss of 18 cents.

ADVERTISEMENT

Revenue: Revenues edges expectations. Revenues of $23,553 million were just above the Zacks Consensus Estimate of $23,547 million.

Key Stats: At 2,666 thousand oil-equivalent barrels per day (MBOE/d), Chevron’s total production of crude oil and natural gas remained essentially unchanged from the year-earlier level. The U.S. output came in at 701 MBOE/d, while the company’s international operations (accounting for 74% of the total) produced 1,965 MBOE/d. However, stability on the production front were more than offset by the sharp downfall in oil prices, the net effect resulting in a huge loss for the upstream division – to the tune of $1,459 million.

Chevron’s downstream segment achieved earnings of $735 million, almost 50%lower than the profit of $1,423 million last year. The results were dragged down by lower margins on refined product sales.

Check back later for our full write up on this Chevron earnings report later!

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
CHEVRON CORP (CVX): Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research