Through TheFLY's Eyes: Chevron
For Chevron, A Quarter That Fell Short
Chevron (CVX), the U.S. second largest oil company, reported Q2 EPS of $1.97 compared to $1.76 a year earlier and the $2.17 consensus estimate.
Chevron also said Q2 revenue totaled $53.5B compared to $48.3B a year earlier and the $61.3B consensus estimate.
Wall Street did not take the report in stride Friday, as Chevron shares traded sharply lower on the news, down $1.92 to $65.85, this despite a Dow that had rallied 120 points by mid-day to 11,222.
Analysts said Chevron experienced cost pressures during the quarter, particularly in its foreign upstream segment, which weighed on Q2 results. Moreover, Oppenheimer said Chevron’s refining margins were not as high as many had expected, and it appeared that the company also pumped a higher percentage of lower-quality heavy sour crude than forecast.