CVX Earnings: Chevron’s Q1 Revenues Beat Estimates

Chevron (NYSE:CVX) announced better-than-expected revenues in the first quarter. The company generated Q1 revenues of $48.72 billion, which declined 4.1% year-over-year but exceeded consensus estimates of $48.3 billion.

The oil giant reported adjusted earnings of $2.93 per share in the first quarter, compared to earnings of $3.55 per share in the same period last year. Analysts were expecting earnings of $2.95 per share.

Chevron’s earnings from its refining business in the U.S. fell by over 50% year-over-year to $453 million, while its international refining business saw earnings decline by around 60% to $330 million. Meanwhile, the company’s oil and gas earnings in the U.S. rose by 16% to around $2 billion due to higher sales volume. Chevron’s daily oil and gas production in the U.S. reached 1.57 million barrels, representing a 35% increase year-over-year.

Chevron’s Quarterly Dividend

The company’s Board of Directors declared a quarterly dividend of $1.63 per share, payable on June 10 to all holders of common stock at the close of business on May 17, 2024. CVX returned $6 billion in cash to shareholders in the first quarter.

Hess Corp. Acquisition Pending

In addition to this, according to a CNBC report, Chevron stated that it remained confident that its pending acquisition of Hess Corp. (NYSE:HES) will close this year despite the acquisition facing uncertainty due to a potential challenge from Exxon (NYSE:XOM) and China National Offshore Oil Corporation (CNOOC). The bone of contention is Hess’s prized oil project in Guyana, which holds immense value and potential.

Is CVX a Buy, Sell, or Hold?

Analysts remain bullish about CVX stock, with a Strong Buy consensus rating based on 13 Buys and three Holds. Year-to-date, CVX stock has increased by more than 10%, and the average CVX price target of $185.20 implies an upside potential of 12.1% from current levels. These analyst ratings are likely to change following CVX’s results today.