Q1 24 EPS
$2.93
BEAT +2.09%
Est. $2.87
Q1 24 Revenue
$48.72B
MISS 3.84%
Est. $50.66B
vs S&P Since Q1 24
-15.0%
TRAILING MARKET
CVX +26.8% vs S&P +41.8%
Market Reaction
Did CVX Beat Earnings? Q1 2024 Results
Chevron posted a mixed first quarter for 2024, delivering an earnings beat on the bottom line while falling short on revenue. Adjusted earnings per share came in at $2.93, edging past the $2.87 consensus estimate by 2.09%, though revenue of $48.72 bi… Read more Chevron posted a mixed first quarter for 2024, delivering an earnings beat on the bottom line while falling short on revenue. Adjusted earnings per share came in at $2.93, edging past the $2.87 consensus estimate by 2.09%, though revenue of $48.72 billion trailed expectations of $50.66 billion by 3.84% and was essentially flat year-over-year, slipping 0.3% from the prior-year period. The headline narrative was one of contrasts: a 12% surge in worldwide net oil-equivalent production to 3,346 MBOED, driven largely by the PDC Energy acquisition and strong Permian Basin performance, could not fully offset the drag from sharply compressed refined product margins and weaker natural gas realizations, which pushed total earnings down from $6.57 billion a year ago to $5.50 billion. Downstream results bore the brunt of the pressure, with U.S. Downstream earnings falling to $453 million from $977 million. Chevron also continued expanding its upstream footprint in key low-cost regions, reinforcing its strategic focus on volume-driven growth even as margin headwinds weighed on the quarter's overall results.
Key Takeaways
- • U.S. production up 35% from a year ago driven by PDC Energy acquisition and strong Permian and DJ Basin execution
- • Worldwide production up 12% year-over-year
- • Lower margins on refined product sales pressured downstream earnings
- • Lower natural gas realizations reduced international upstream earnings
- • Higher depreciation, depletion and amortization from increased production and PDC assets
CVX YoY Financials
Q1 2024 vs Q1 2023, source: SEC Filings
CVX Revenue by Segment
With YoY comparisons, source: SEC Filings
“We had another quarter of strong operational and financial performance and delivered superior cash returns to shareholders. U.S. production was up 35 percent from a year ago, and we continued to meet major project milestones.”
— Mike Wirth, Q1 2024 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% |