29 Jan

Get ready for Chevron to release its 4Q 2014 earnings

WRITTEN BY Keisha Bandz

Chevron to release its 4Q 2014 earnings

Chevron will release its 4Q 2014 earnings on January 30.

Chevron (CVX) is one of the major integrated energy companies in the US, engaged in the exploration and production, refining, marketing, and transportation of oil and gas across more than 180 countries. It’s also involved in geothermal and chemical manufacturing and sales as well as power generation.

Chevron makes up ~14% of the Energy Select sector SPDR ETF (XLE) and has a weightage of 1.2% in the SPDR S&P Oil & Gas Exploration & Production ETF (XOP). Therefore, for investors seeking more diversified exposure to the energy sector, XLE would be a better bet. CVX has a weightage of 1% in the SPDR S&P 500 ETF (SPY). CVX is also a component of the iShares US Energy ETF (IYE).

Get ready for Chevron to release its 4Q 2014 earnings

Third quarter earnings recap

Revenues for the third quarter were $54.7 billion, missing Wall Street analysts’ estimate of $58 billion. Revenues were 6.5% lower than last year’s revenues.

Net income attributable to Chevron in 3Q was $5.59 billion, beating the $4.8 billion estimate by Wall Street analysts and approximately 13% higher year-over-year, while earnings per share or EPS amounted $2.95—beating analysts’ estimate by $0.39.

Production

Total worldwide oil-equivalent production declined from 2.59 million barrels a day (MMbpd) in Q3 2013 to 2.57 MMbpd in Q3 2014.

Production fell by almost 1%. The decline in production, despite higher production in regions such as the Permian in the US and Vaca Muerta in Argentina, was as a result of lower turnaround activity, normal field declines, and asset sales in Chad.

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