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- Chevron's Profit Nearly Tripled From a Year Ago. Is CVX Stock a Buy After Its Blowout Earnings Report?
Chevron reported third-quarter adjusted earnings of nearly $10.3 billion, or $5.28 per share, almost triple the $3.6 billion ($1.65 per share) a year earlier, while free cash flow reached $12 billion versus $4.9 billion. Brent crude averaged $97 per barrel versus $69 a year earlier amid Persian Gulf supply disruptions, lifting U.S. downstream earnings more than 450% to almost $3.6 billion even as production fell nearly 3%. Chevron cut net debt by $7.8 billion in the quarter and $14 billion since the end of last year, lowering its leverage ratio from 1.1x to 0.4x. However, the shares have surged more than 50% this year near their all-time high, trading at 16x trailing adjusted earnings, and the author views the quarter as an unreliable baseline given elevated oil prices and refining margins. The author says they would wait for a more attractive valuation before buying more shares.
- This one chart tells you everything you need to know about Exxon, Chevron and BP’s forecast-beating earnings
One slide in ExxonMobil's investor presentation after its third-quarter earnings neatly explains the financial situation of the integrated oil majors. The article connects this to Exxon, Chevron and BP's earnings that beat forecasts.
- Chevron beats earnings expectations as refining profits soar on high diesel fuel prices
Chevron reported third-quarter net income up nearly 200% to $9.9 billion, or $5.06 a share, versus $3.5 billion, or $1.82 a share, a year earlier. Adjusted EPS of $5.28 beat the $4.89 Wall Street estimate, and revenue reached $67.8 billion versus $61.6 billion expected. Refining profit surged more than 300% to $4.9 billion from $1.1 billion as U.S. refineries ran at 98% capacity to take advantage of high diesel prices amid attacks on refineries in Russia and the Middle East. Upstream profit rose about 70% to $5.7 billion, but output slipped to 3.9 million bpd from about 4 million bpd, mainly in the international segment, partly due to the Middle East conflict.
- BP's Profit Nearly Quadrupled. Exxon and Chevron Report in Hours, and Oil's Up 21% in a Month. Here We Go Again
BP reported third-quarter underlying replacement cost profit of $8.5 billion, versus $2.2 billion a year earlier and an LSEG consensus of $6.2 billion, while its stock barely moved. Gains were driven by stronger gas and marketing trading and 'significantly higher' realized refining margins, with its indicator margin at $46.70 a barrel versus $29.60 in the second quarter. Operating cash flow for the first nine months reached $28.55 billion, and net debt fell to $13.87 billion from $26.05 billion. WTI crude stood at $103.37 on October 27, up 21.3% over the past month, and Exxon and Chevron, which also run large refineries, were set to report on October 30. The author expects their refining results to look strong but says share moves will depend on fourth-quarter guidance, noting BP's CEO warned refining margins are starting to soften.
- Jim Cramer Says Chevron Beats Exxon. Earnings Will Put That to the Test
On October 15, Jim Cramer told Mad Money viewers to swap Exxon for Chevron unless tax implications apply, and both companies report third-quarter results before the open on October 30. Year to date, Exxon shares are up 48.4% and Chevron shares 47.0%. In the second quarter, Exxon reported earnings of $14.5 billion and operating cash flow of $23.6 billion despite the Middle East conflict temporarily knocking out about 10% of upstream production, while Chevron reported adjusted EPS of $6.06 and adjusted free cash flow of $15.4 billion. Consensus estimates are $3.98 in EPS for Exxon and $4.83 for Chevron. The article says Exxon's upstream volumes and refining margins, and Chevron's free cash flow and Project Kilby timeline, will help determine whether the call holds.
- Chevron Eyes 150% EPS Jump on Oct. 30 — But Are the Risks Already Priced In?
Chevron (CVX) reports third-quarter results on October 30, with shares up 57.27% year to date and analysts forecasting a steep earnings rebound from a weak year-ago quarter. Last quarter, adjusted EPS of $6.06 marked its seventh straight consensus beat, revenue rose 51.4% to $67.20 billion as Brent averaged $104 a barrel, and free cash flow reached $18.10 billion. Downstream posted $4.87 billion versus $737 million a year earlier, and key items to watch include refining margins, Tengizchevroil output that depends on the CPC pipeline, and the 2.67-gigawatt power deal with Microsoft. Analysts' third-quarter EPS estimate rose from $4.0094 to $4.8878 over 90 days, and the stock trades at about 13x full-year consensus EPS. The article notes that after a 45.56% first-quarter beat, shares fell 4.73% within a week, suggesting that cash flow durability once oil prices cool may determine the stock's next move.
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- AWS Holds the Scale Crown, Azure Leads the Velocity Charge
AWS and Azure both posted record quarters but are growing in different ways. AWS revenue reached $45.98 billion, up 39%, its sixth straight quarter of faster growth, with a 38.7% operating margin. Azure grew 48%, daily Copilot users rose over 5x, and CFO Amy Hood forecast 49% to 50% constant-currency Azure growth next quarter. Amazon designs its own Trainium chips and plans to sell them outside AWS in late 2027, while Microsoft Cloud gross margin slipped to 66%. Microsoft generated $18.6 billion of free cash flow, while Amazon's trailing free cash outflow reached $42.4 billion.
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