Chevron (CVX) Misses Q2 EPS by 31c, Revenues Miss

Chevron (NYSE: CVX) reported Q2 EPS of $1.78, $0.31 worse than the analyst estimate of $2.09. Revenue for the quarter came in at $42.24 billion versus the consensus estimate of $45.59 billion.

“Second quarter earnings were up significantly from a year ago,” said Chairman and CEO Michael Wirth. “Results in 2018 benefited from higher crude oil prices, strong operations and higher production.”

“Our cash flow continues to improve with higher upstream margins and volumes, combined with disciplined spending,” Wirth added. “This enables us to initiate share repurchases, which are expected to be $3 billion per year based on our current outlook.”

“We reached a milestone in Australia with the start of production from Wheatstone Train Two. All five trains in our Australian LNG projects are now operating.

“In downstream, Chevron Phillips Chemical Company LLC, the company’s 50 percent-owned affiliate, ramped up its recently completed ethane cracker at Cedar Bayou to design capacity.

“We continue to make good progress with our portfolio optimization efforts,” Wirth continued. “In the second quarter, the company completed the sales of its upstream interests in the Elk Hills Field in California and the Democratic Republic of the Congo. Additionally, in July we announced our intent to market our U.K. Central North Sea assets.”

For earnings history and earnings-related data on Chevron (CVX) click here.

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