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
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
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. 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.
Trade the TapeGet this analysis live, the moment it breaksNewsquawk's real-time dashboard delivers market-moving headlines and instant context to your desk before the rest of the market reacts.
Open Dashboard#UNITED STATES#USD#EUR#JAPAN#JPY#UNITED KINGDOM#GBP#EUROPE#CHEVRON CORP#CVX.US#IMPORTANT#FOREX#EQUITIES#ENERGY#METALS#EU SESSION#WTI#INTEGRATED OIL & GAS#OIL, GAS & CONSUMABLE FUELS#METALS & MINING#ENERGY (GROUP)#S&P 500 INDEX#CVX#DXY#US EQUITIES