Chevron's Q3 Profit Declines Despite Higher Oil Prices

United States of America
Chevron's Q3 net income was $5.1 billion, down from $6.2 billion in the same period last year.
Chevron's shares fell by 1.8% in premarket trading following the announcement of the earnings.
The company announced a quarterly dividend of $1.42 per share.
The company's revenue increased to $43.6 billion from $36.5 billion a year ago.

Chevron Corporation, one of the world's leading integrated energy companies, reported its third-quarter earnings for 2023. Despite higher oil prices, the company's profit slumped. The company's earnings fell short of Wall Street estimates, which led to a decline in its stock price.

The company's net income for the third quarter was $5.1 billion, down from $6.2 billion in the same period last year. This decline in profit is attributed to higher costs and lower margins in its refining business. The company's revenue, however, increased to $43.6 billion from $36.5 billion a year ago, driven by higher oil and gas prices.

Chevron's shares fell by 1.8% in premarket trading following the announcement of the earnings. The company's stock has been underperforming the market this year, with a year-to-date return of -1.5% compared to the S&P 500's return of 6.7%.

Despite the lower-than-expected earnings, Chevron continues to focus on capital discipline and delivering strong returns to shareholders. The company announced a quarterly dividend of $1.42 per share, which is payable on December 10, 2023, to all shareholders of record as of November 18, 2023.


Confidence

95%

Doubts
  • The exact reasons for the lower margins in Chevron's refining business were not specified in the articles.

Sources

92%

  • Unique Points
    • The company’s upstream unit, which includes exploration and production, earned $3.6 billion, down from $3.9 billion a year ago.
  • Accuracy
    No Contradictions at Time Of Publication
  • Deception (100%)
    None Found At Time Of Publication
  • Fallacies (100%)
    None Found At Time Of Publication
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (70%)
    • CNBC is owned by NBCUniversal, a division of Comcast Corporation. Comcast Corporation has significant investments in energy and utilities sector which could potentially influence their reporting on energy companies like Chevron.
    • Author Conflicts Of Interest (100%)
      None Found At Time Of Publication

    93%

    • Unique Points
      • Chevron’s stock (ticker: CVX) was up 1.2% in premarket trading on Thursday.
    • Accuracy
      No Contradictions at Time Of Publication
    • Deception (100%)
      None Found At Time Of Publication
    • Fallacies (100%)
      None Found At Time Of Publication
    • Bias (100%)
      None Found At Time Of Publication
    • Site Conflicts Of Interest (70%)
      • Barron's is owned by Dow Jones & Company, a division of News Corp. News Corp's owners have significant investments in the energy sector, which could potentially influence their reporting on energy companies like Chevron.
      • Author Conflicts Of Interest (100%)
        None Found At Time Of Publication

      92%

      • Unique Points
        • The company's total oil-equivalent production fell 3% to 2.83 million barrels per day.
      • Accuracy
        No Contradictions at Time Of Publication
      • Deception (100%)
        None Found At Time Of Publication
      • Fallacies (100%)
        None Found At Time Of Publication
      • Bias (100%)
        None Found At Time Of Publication
      • Site Conflicts Of Interest (70%)
        • Yahoo Finance is owned by Verizon Communications. Verizon has significant investments in various sectors including energy, which could potentially influence their reporting on energy companies like Chevron.
        • Author Conflicts Of Interest (100%)
          None Found At Time Of Publication

        92%

        Chevron Q3 earnings snapshot

        Quartz News Site Friday, 27 October 2023 00:00
        • Unique Points
          • The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.59 per share.
        • Accuracy
          No Contradictions at Time Of Publication
        • Deception (100%)
          None Found At Time Of Publication
        • Fallacies (100%)
          None Found At Time Of Publication
        • Bias (100%)
          None Found At Time Of Publication
        • Site Conflicts Of Interest (70%)
          • Quartz is owned by Uzabase, a Japanese business intelligence and media company. Uzabase has investments in various sectors including energy, which could potentially influence their reporting on energy companies like Chevron.
          • Author Conflicts Of Interest (100%)
            None Found At Time Of Publication

          98%

          • Unique Points
            • The company’s adjusted earnings of $1.47 per share missed the Street estimates of $1.57 per share.
          • Accuracy
            No Contradictions at Time Of Publication
          • Deception (100%)
            None Found At Time Of Publication
          • Fallacies (100%)
            None Found At Time Of Publication
          • Bias (100%)
            None Found At Time Of Publication
          • Site Conflicts Of Interest (100%)
            None Found At Time Of Publication
          • Author Conflicts Of Interest (100%)
            None Found At Time Of Publication