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Chevron (CVX) Q1 2026 (USD): Adj. EPS 1.41 (exp. 0.97), Revenue 48.6bln (exp. 47.4bln), Capex 4.1bln (prev. 3.9bln Y/Y). Sees Q2 share repurchases between USD 2.5-3.0bln

Chevron's Q1 results show a notable beat in both adjusted EPS and revenue compared to expectations, suggesting stronger than anticipated performance, particularly in production.

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Aon (AON) Q1 2026 (USD): Revenue 5.03bln (exp. 4.97bln), Adj. EPS 6.48 (exp. 6.37); reaffirms guidance

Mediators in Islamabad believe a fair deal can be struck on the Middle East, and it is now down to Tehran to respond, CNN reports citing sources

Chevron (CVX) Q1 2026 (USD): Adj. EPS 1.41 (exp. 0.97), Revenue 48.6bln (exp. 47.4bln), Capex 4.1bln (prev. 3.9bln Y/Y). Sees Q2 share repurchases between USD 2.5-3.0bln

UK's Unite Union says workers employed by Bilfinger on North Sea assets operated by Ithca Energy will strike

Estee Lauder (EL) Q3 2026 (USD): EPS 0.91 (exp. 0.65), revenue 3.7bln (exp. 3.7bln); raises outlook

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COMMENTARY

  • “The unpredictable external environment reinforces the importance of disciplined investment to ensure reliable energy supply and global energy security.”
  • “We continue to closely monitor developments in the Middle East with a focus on the safety of our workforce and the integrity of our assets and operations.”
  • Looking forward, would expect additional timing effects when prices are rising, and further unwinds when prices are falling.

OTHER METRICS

  • Adj. Earnings 2.793bln (prev. 3.813bln Y/Y)
  • Adj. EPS 1.41 (prev. 2.18 Y/Y)
  • CFFO 2.5bln (prev. 5.2bln Y/Y)
  • CFFO Ex-Working Capital 7.1bln (prev. 7.6bln Y/Y)
  • FCF -1.5bln (prev. 1.3bln Y/Y)
  • Adj. FCF 4.1bln (prev. 4.2bln Y/Y)
  • Capex 4.1bln (prev. 3.9bln Y/Y)
  • Net Oil-Equivalent Production 3,858mln BOED (prev. 3,353mln BOED Y/Y)
  • ROCE 4.5% (prev. 8.3% Y/Y)
  • Debt-to-CFFO 1.5x (prev. 1.2x Y/Y)
  • Net debt-to-CFFO 1.3x (prev. 1.0x Y/Y)
  • US production +24% Y/Y to 2.024mln BOED, helped by Hess, Gulf of America start-ups and Permian growth
  • Downstream posted a USD 817mln loss, driven by weaker international margins and timing effects
Context

However, the net income and cash flow metrics reflect a decline year-on-year, signaling challenges in profitability amidst rising capex and global uncertainties. The announced share repurchase plan underscores management's confidence, which could also help fortify share price amidst volatile market conditions.

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