Chevron (NYSE:CVX) earnings for the energy company’s third quarter of 2019 have CVX stock falling on Friday. This is due to the company’s diluted per-share earnings of $1.36. That’s a good bit below Wall Street’s estimate of $1.45 for the quarter. Revenue of $36.12 billion also doesn’t help by missing analysts’ estimates of $37.69 billion.
Let’s look at what else went down in the most recent Chevron earnings report.
- Diluted EPS for the quarter is down 35.55% YoY from $2.11.
- Revenue saw a 17.89% drop from $43.99 billion in the third quarter of 2018.
- The Chevron earnings report has it bringing in a net income of $2.58 billion.
- This is a 36.45% drop from its net income of $4.06 billion in the same period of the year prior.
- Global net oil-equivalent production was 3.03 million barrels per day in the third quarter of 2019.
- That’s a 3% increase from 2.96 million barrels per day during the same time last year.
Michael Wirth, Chairman and CEO of Chevron, says this about the third-quarter CVX stock earnings.
“Third quarter earnings and cash flow were solid, but down from our very strong results of a year ago. Lower crude oil and natural gas prices more than offset a 3 percent increase in net oil-equivalent production from last year’s third quarter. Strong execution allows us to continue to deliver on our financial priorities, which are to pay the dividend, fund our superior portfolio of capital projects, further strengthen our balance sheet and return cash to shareholders.”
CVX stock dropped as much as 1.67% earlier on Friday. However, it has settled back near its previous close at the end of the day.
As of this writing, William White did not hold a position in any of the aforementioned securities.