Chevron Corporation Reports FY2023 Q2 Earnings Results on July 28, 2023
August 25, 2023
🌥️Earnings Overview
On July 28 2023, CHEVRON CORPORATION ($NYSE:CVX) reported their earnings results for the second quarter of FY2023, which ended on June 30 2023. The company’s total revenue for the quarter was USD 47.2 billion, a decrease of 27.8% compared to the same quarter in the previous year. Additionally, net income dropped 48.3% year-on-year to USD 6.0 billion.
Market Price
On Friday, July 28, 2023, Chevron Corporation released its financial results for the second quarter of FY2023. The company reported higher profits compared to the same period in the previous year, thanks to robust natural gas production and rising oil prices. This resulted in stock opening at $158.4 and closing at $158.9, down by 0.5% from its previous closing price of 159.7.
Overall, Chevron Corporation had a positive performance in the second quarter of FY2023, despite some losses due to asset write-offs and higher operating expenses. Moving forward, the company hopes to continue this positive trend as they continue to focus on their long-term goals of increasing natural gas production and creating long-term value for shareholders. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Chevron Corporation. More…
| Total Revenues | Net Income | Net Margin |
| 214.09k | 30.17k | 14.1% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Chevron Corporation. More…
| Operations | Investing | Financing |
| 27.78k | -6.49k | -15.49k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Chevron Corporation. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 251.78k | 251.78k | 84.69 |
Key Ratios Snapshot
Some of the financial key ratios for Chevron Corporation are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 23.0% | 636.5% | 19.8% |
| FCF Margin | ROE | ROA |
| 9.8% | 16.7% | 10.5% |
Analysis
At GoodWhale, we have completed a thorough analysis of the fundamentals of CHEVRON CORPORATION, and the results show that it is a low risk investment in terms of financial and business aspects. However, it is important to note that our risk rating system has detected one risk warning in the company’s balance sheet. If you register with us, we can provide you with more details regarding this potential risk. We believe it is important to be aware of all the risks associated with an investment before committing to it, and so we strongly recommend that you consider this warning before making any decisions. More…
Peers
The Chevron Corp competes with Exxon Mobil Corp, Occidental Petroleum Corp, and ConocoPhillips. All of these companies are in the business of exploring for, developing, and producing crude oil and natural gas. Chevron is one of the largest of the supermajor oil companies, with operations in more than 180 countries.
– Exxon Mobil Corp ($NYSE:XOM)
Exxon Mobil Corporation is an American multinational oil and gas corporation headquartered in Irving, Texas. It is the largest direct descendant of John D. Rockefeller’s Standard Oil Company, and was formed on November 30, 1999 by the merger of Exxon (formerly the Standard Oil Company of New Jersey) and Mobil (formerly the Standard Oil Company of New York). The world’s seventh largest company by revenue, ExxonMobil is also the seventh largest publicly traded company by market capitalization. The company ranked ninth globally in the Forbes Global 2000 list in 2014.
– Occidental Petroleum Corp ($NYSE:OXY)
Occidental Petroleum Corp is a large American oil and gas company with operations in the United States, the Middle East, and Latin America. The company has a market cap of 63.77B as of 2022 and a return on equity of 29.73%. Occidental Petroleum is one of the largest oil and gas companies in the world and is engaged in the exploration, production, and marketing of crude oil and natural gas. The company’s primary operations are in the United States, but it also has a significant presence in the Middle East and Latin America. Occidental Petroleum is a publicly traded company and its shares are listed on the New York Stock Exchange.
– ConocoPhillips ($NYSE:COP)
ConocoPhillips is an American multinational energy corporation with its headquarters in Houston, Texas. The company is engaged in the exploration, production, marketing, and transportation of crude oil, bitumen, natural gas, and liquefied natural gas. As of December 31, 2019, the company had estimated proved reserves of 8.4 billion barrels of oil equivalent.
ConocoPhillips has a market capitalization of $150.08 billion as of January 2021. The company’s return on equity was 30.9% for the year ended December 31, 2020.
ConocoPhillips is one of the world’s largest independent exploration and production companies, with operations in more than 30 countries. The company’s main business activities include the exploration, development, production, and marketing of crude oil, natural gas, and liquefied natural gas. ConocoPhillips also has a significant refining and marketing business.
Summary
Chevron Corporation‘s FY2023 Q2 earnings results showed a significant decrease in both total revenue and net income compared to the prior year. Total revenue for the quarter was USD 47.2 billion, a decrease of 27.8%, while net income was down 48.3% to USD 6.0 billion. For investors, this is an important indication of Chevron’s near-term performance and could signal a potential decline in future share prices. Analysts will be closely monitoring the company’s performance over the next quarter to gauge the long-term implications of this downturn.
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