Q2 23 EPS
$3.08
BEAT +3.70%
Est. $2.97
Q2 23 Revenue
$48.90B
BEAT +4.23%
Est. $46.91B
vs S&P Since Q2 23
-22.7%
TRAILING MARKET
CVX +35.0% vs S&P +57.7%
Market Reaction
Did CVX Beat Earnings? Q2 2023 Results
Chevron posted a solid beat in the second quarter of 2023, with adjusted earnings per share of $3.08 topping the $2.97 consensus estimate by 3.70%, even as the broader narrative remained one of retreat from last year's commodity-price highs. Revenue … Read more Chevron posted a solid beat in the second quarter of 2023, with adjusted earnings per share of $3.08 topping the $2.97 consensus estimate by 3.70%, even as the broader narrative remained one of retreat from last year's commodity-price highs. Revenue came in at $48.90 billion, ahead of the $46.91 billion consensus by 4.23%, though still down 25.2% from a year ago as upstream realizations collapsed, with U.S. Liquids realization falling to $56 per barrel from $89 and natural gas dropping to $1.23 per MCF from $6.22. The standout operational bright spot was the Permian Basin, where production hit a quarterly record of 772,000 barrels of oil equivalent per day, up 11% year-over-year. Shareholder returns were a highlight as well, with $7.20 billion distributed through dividends and buybacks in the quarter. Looking ahead, Chevron's pending acquisition of PDC Energy, expected to close in August 2023, is projected to add roughly $1.00 billion in annual free cash flow, underscoring the company's focus on disciplined capital deployment despite softer commodity conditions.
Key Takeaways
- • Record Permian Basin production of 772,000 barrels of oil equivalent per day, up 11% year-over-year
- • Worldwide net oil-equivalent production up 2% from the year-ago quarter
- • Lower upstream realizations drove earnings decline versus year-ago period
- • Lower margins on refined product sales impacted downstream earnings
- • U.S. refinery crude oil inputs increased 9% due to absence of prior-year turnaround activity
- • Higher demand for jet fuel as air travel increased in Asia boosted international downstream product sales 9%
- • Higher renewable fuel sales following the Renewable Energy Group acquisition
CVX YoY Financials
Q2 2023 vs Q2 2022, source: SEC Filings
CVX Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our quarterly financial results remain strong, and we returned record cash to shareholders.”
— Mike Wirth, Q2 2023 Earnings Press Release
CVX Earnings Trends
CVX vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CVX EPS Trend
Earnings per share: estimate vs actual
CVX Revenue Trend
Quarterly revenue: estimate vs actual
CVX Quarterly Results
10 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $1.41 | — | $47.56B | -9.76% |
| Q4 25 BEAT FY | $1.44 | $1.52 | +5.56% | $46.87B | — |
| FY Full Year | $7.23 | $6.63 | -8.33% | $189.03B | +1.15% |
| Q3 25 BEAT | $1.71 | $1.85 | +8.43% | $48.17B | +1.58% |
| Q2 25 BEAT | $1.75 | $1.77 | +1.22% | $44.38B | -1.70% |
| Q1 25 BEAT | $2.15 | $2.18 | +1.31% | $46.10B | -4.74% |
| Q3 24 BEAT | $2.43 | $2.51 | +3.29% | $48.93B | -0.12% |
| Q1 24 BEAT | $2.87 | $2.93 | +2.09% | $48.72B | -3.84% |
| Q4 23 | $3.21 | — | — | — | — |
| Q3 23 MISS | $3.33 | $3.05 | -8.41% | $54.08B | +13.16% |
| Q2 23 BEAT | $2.97 | $3.08 | +3.70% | $48.90B | +4.23% |