Have you been eager to see how U.S. energy giant Chevron Corp. (CVX - Free Report) performed in Q4 in comparison with the market expectations? Let’s quickly scan through the key facts from this San Ramon, CA-based company’s earnings release this morning:
About Chevron: Chevron 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.
Zacks Rank & Surprise History: Currently, Chevron has a Zacks Rank #3 (Hold) but that could change following its fourth quarter 2016 earnings report which has just released.
Coming to earnings surprise history, the company has a mixed record: its missed estimates in 2 of the last four quarters resulting in an average negative surprise of 41.20%.
Chevron Corporation Price and EPS Surprise
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Chevron Corporation Price and EPS Surprise | Chevron Corporation Quote
Estimate Revision Trend: Investors should note that the earnings estimate revisions for Chevron depicted pessimism prior to the earnings release. The Zacks Consensus Estimate fell 10% over the last 30 days.
We have highlighted some of the key details from the just-released announcement below:
A Lower-than-Expected Profit: Earnings per share came in at 22 cents, lower than the Zacks Consensus Estimate of 64 cents. Lower refining margins led to the underperformance.
Revenue Came in Lower than Expected: Chevron posted revenues of $31,497 million, below of the Zacks Consensus Estimate of $32,605.8 million.
Stock Slides: Chevron shares are down 2.5% in pre-market trade to $113.60
Key Stats: Chevron’s total production of crude oil and natural gas remained essentially unchanged from the year-earlier level at 2,669 thousand oil-equivalent barrels per day (MBOE/d). The U.S. output decreased 5% year over year to 682 MBOE/d, while the company’s international operations (accounting for 74% of the total) was up 2% to 1,987 MBOE/d.
Despite flat production volumes, Chevron’s upstream segment had a massive turnaround – from a loss of $1,361 million in the year-earlier quarter to a profit of $930 million. This was mainly on account of a leaner cost structure and higher realizations.
Chevron’s downstream segment achieved earnings of $357 million, 65% lower than the profit of $1,011 million last year. The results were dragged down by lower margins on refined product sales.
Share Performance: Shares have risen 12% over the past 3 months, while the Zacks categorized Oil & Gas - International Integrated industry has gained 9%. Over the last 12 months, Chevron stock has risen 36%.
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