Chevron down after Q2 profit miss
Updates
** Shares of oil major Chevron CVX.N down 2.5% at $148.81 in early trading
** Reports Q2 2024 earnings of $2.55/shr vs. est. of $2.93/shr - LSEG data
** Earnings from pumping oil and gas down 9.4% from a year earlier, profit from producing gasoline and chemicals also down about 60%
** "XOM had solid quarterly prices and notable downstream results, while CVX reported rather weak quarterly prices and downstream earnings" - Truist Securities
** RBC Capital Markets analysts highlight "weakness in the downstream largely relate to timing of turnarounds, as CVX's U.S. refineries were down when refining margins were higher, earlier in the quarter"
** While takeover of Hess delayed, "other opportunities may arise for CVX on the inorganic front, and we wonder if this uncertainty will preclude it from taking advantage of any future opportunities" - RBC
** CVX also announces relocation of headquarters to Houston, Texas from San Ramon, California
** Including losses, stock down ~0.2% YTD
Reporting by Seher Dareen in Bengaluru
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
