Q3 24 EPS
$2.51
BEAT +3.29%
Est. $2.43
Q3 24 Revenue
$48.93B
MISS 0.12%
Est. $48.99B
vs S&P Since Q3 24
+5.4%
BEATING MARKET
CVX +31.6% vs S&P +26.2%
Market Reaction
Did CVX Beat Earnings? Q3 2024 Results
Chevron delivered a mixed but resilient third quarter, posting adjusted earnings per share of $2.51 against a consensus estimate of $2.43, a beat of 3.29%, even as revenue of $48.93 billion came in fractionally below the $48.99 billion estimate and f… Read more Chevron delivered a mixed but resilient third quarter, posting adjusted earnings per share of $2.51 against a consensus estimate of $2.43, a beat of 3.29%, even as revenue of $48.93 billion came in fractionally below the $48.99 billion estimate and fell 5.8% from a year ago. The headline story was margin compression across the board: lower realizations on refined products, weaker upstream pricing, and the absence of favorable prior-year tax items pushed reported net income to $4.49 billion, down sharply from $6.53 billion in Q3 2023. Offsetting that pressure, worldwide production climbed 7% year-over-year to 3,364 thousand barrels of oil-equivalent per day, with U.S. Volumes setting a quarterly record on the back of strong Permian Basin output. Chevron also returned a record $7.70 billion to shareholders through buybacks and dividends. Looking ahead, the company is targeting $2 to $3 billion in structural cost reductions by end of 2026 and expects Gulf of Mexico production to reach 300,000 barrels per day by 2026 as new deepwater projects ramp up.
Key Takeaways
- • Record Permian Basin production driving 7% year-over-year worldwide production growth
- • PDC Energy acquisition contributing to higher U.S. production volumes
- • Lower margins on refined product sales impacting downstream earnings
- • Lower upstream realizations reducing upstream profitability
- • Absence of prior year favorable tax items in international upstream
- • Higher dividends from equity affiliates and favorable working capital effects supporting cash flow
CVX YoY Financials
Q3 2024 vs Q3 2023, source: SEC Filings
CVX Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered strong financial and operational results, started up key projects in the U.S. Gulf of Mexico and returned record cash to shareholders this quarter.”
— Mike Wirth, Q3 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% |