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Did Chevron Beat 1Q16 Earnings Estimates?

Did Chevron Beat 1Q16 Earnings and Revenue Estimates?

Chevron’s 1Q16 estimated and actual performance

Chevron (CVX) posted its 1Q16 results on April 29, 2016. In 1Q16, CVX’s revenues surpassed Wall Street analysts’ estimates by 1%. However, in 1Q16, Chevron reported EPS (earnings per share) of -$0.39 compared to estimated EPS of -$0.18. This figure was also lower than Chevron’s 1Q15 EPS of $1.40.

Chevron’s 1Q16 earnings review

In 1Q16, Chevron’s reported losses stood at $725 million compared to $2.6 billion in 1Q15. This was due to a loss in its upstream segment, which was partly offset by earnings in its downstream segment.

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Earnings from its upstream segment slumped from $1.6 billion in 1Q15 to -$1.5 billion in 1Q16 due to the steep fall in oil prices. The average WTI (West Texas Intermediate) crude oil price fell from $49 per barrel in 1Q15 to $33 per barrel in 1Q16.

The downstream segment’s earnings fell from $1.4 billion in 1Q15 to $0.74 billion in 1Q16 due to lower refining margins.

CVX’s peers ExxonMobil (XOM) and BP (BP) saw their EPS fall 63% and 78%, respectively, in 1Q16 compared to 1Q15. Plus, Royal Dutch Shell (RDS.A) is expected to report a 71% drop in EPS in 1Q16 compared to 1Q15. The Vanguard Energy ETF (VDE) has ~37% exposure to integrated energy sector stocks, including XOM and CVX.

In the next part of this series, we’ll analyze CVX’s segmental performance in 1Q16.

Continue to Next Part

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