Chevron (CVX) timing effects expected to adversely affect Q1 earnings and cash flow from ops excluding working capital by about USD 2.7-3.7bln
Importance
Level 1
- Upstream net oil-equivalent production expected at 3.8-3.9 MMBOED in Q1 2026.
- Sees Q1 upstream commodity price impacts USD 1.6 -2.2bln.
- Downstream earnings to include USD 350-400mln litigation reserve charge in Q1 2026.
- Working capital is expected to result in a net outflow of USD 2-4bln in Q1.
- Q1 Upstream production expected to be 3.8-3.9mln BOE/D.
- Majority of negative timing effects are in downstream segment in Q1 and are expected to unwind in future periods.
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