Q3 23 EPS
$3.05
MISS 8.41%
Est. $3.33
Q3 23 Revenue
$54.08B
BEAT +13.16%
Est. $47.79B
vs S&P Since Q3 23
-31.0%
TRAILING MARKET
CVX +44.5% vs S&P +75.5%
Market Reaction
Did CVX Beat Earnings? Q3 2023 Results
Chevron delivered a mixed third quarter, posting adjusted earnings per share of $3.05 against a consensus estimate of $3.33, missing by 8.41%, even as revenue of $54.08 billion cleared analyst expectations of $47.79 billion by 13.16%. The headline te… Read more Chevron delivered a mixed third quarter, posting adjusted earnings per share of $3.05 against a consensus estimate of $3.33, missing by 8.41%, even as revenue of $54.08 billion cleared analyst expectations of $47.79 billion by 13.16%. The headline tension reflects the broader pressure facing the integrated oil major: revenue fell 14.8% year-over-year as sharply lower commodity prices squeezed both upstream and downstream margins, with U.S. Liquids realizations sliding to $62.00 per barrel from $76.00 a year ago. Yet the quarter was far from quiet, defined most prominently by Chevron's announced $53 billion all-stock acquisition of Hess Corporation, a transformative deal aimed at fortifying the company's long-term asset portfolio. The completed PDC Energy acquisition also added 179,000 oil-equivalent barrels per day, helping lift worldwide net production 4% year-over-year to 3,146 MBOED. Cash returned to shareholders reached $6.20 billion in the quarter, and Chevron signaled continued investment appetite, with capital expenditures climbing steeply as the company pursues both organic growth and strategic expansion.
Key Takeaways
- • Lower upstream realizations drove year-over-year earnings decline
- • Acquisition of PDC Energy added 179,000 oil-equivalent barrels per day and drove 20% U.S. production growth
- • U.S. downstream margins improved year-over-year
- • International downstream margins declined significantly
- • Higher turnaround impacts and normal field declines reduced international production by 112,000 barrels per day
- • One-time tax benefit of $560 million in Nigeria
CVX YoY Financials
Q3 2023 vs Q3 2022, source: SEC Filings
CVX Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered another quarter of solid financial results and strong cash returns to shareholders.”
— Mike Wirth, Q3 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% |