Chevron Crushes Q2 Estimates; EPS, Revenue, and Cash Flow All Top Forecasts
Chevron reported second-quarter results that easily beat consensus across the board, with adjusted earnings per share of $6.06, revenue of $70.06 billion, and cash flow from operations of $22.6 billion all far exceeding analyst expectations.
Chevron posted a strong second quarter, with adjusted earnings per share of $6.06 smashing the $5.65 estimate. Revenue and other income came in at $70.06 billion, above the $67.93 billion forecast, while cash flow from operations reached $22.6 billion versus the expected $19.72 billion.
Production also surpassed expectations. Worldwide output averaged 4,070 thousand barrels of oil equivalent per day, comfortably beating the 3,981 MBOE/d estimate. Liquids production hit 1,491 MB/d, compared to the 1,457 MB/d consensus.
Segment-wise, upstream earnings of $8.18 billion edged past the $8.1 billion estimate, and downstream earnings of $4.87 billion were significantly above the $4.13 billion projection. Adjusted operating cash flow was $19.7 billion.
Source: First Squawk