CVX paid $3 billion in dividends during the first quarter and spent around $3.9 billion in capital and exploratory expenditures.
Hotter-Than-Expected Nonfarm Payrolls for April.
Monthly jobs stayed at a healthy level, with wage growth cooling. Pre-market traders love it, sending major indexes up higher this morning.
Chevron Corporation (NYSE:CVX, ETR:CHV) said on Friday it will sharply reduce share repurchases this quarter to between $2.5 billion and $3 billion, down about 30% from the prior period, as lower oil and gas prices dented profits. Despite the slowdown, the oil major maintained its annual buyback guidance of $10 billion to $20 billion.
Chevron (CVX) came out with quarterly earnings of $2.18 per share, beating the Zacks Consensus Estimate of $2.15 per share. This compares to earnings of $2.93 per share a year ago.
Warren Buffett remains one of the world's most prominent investors, renowned for his long-term buy-and-hold strategies and extensive portfolio of public and private holdings.
ExxonMobil (XOM) reported better first-quarter results than analysts expected Friday, while rival Chevron (CVX) beat profit estimates but fell just short of revenue forecasts.
The major oil companies' results were hurt by narrow refining margins, lower oil prices and rising costs.
Chevron's profit declined more than 30% compared with the same quarter in 2024 as oil prices have sold off steeply. FILE PHOTO: A Chevron gas station is seen in Austin, Texas, U.S., October 23, 2023.
Shares of Chevron Corp. CVX fell 1% in premarket trading Friday, after the oil and gas giant after quarterly profit that fell, but beat expectations, while production was flat and revenue fell short of forecasts.
Two energy heavyweights - Exxon Mobil (XOM) and Chevron (CVX) - are on the reporting docket this week, continuing a hectic week of earnings overall.
I anticipate high natural gas (NG) demand and prices in the summer of 2025. NG is the most important source of electricity generation in the U.S., and HVAC is a key driver for electric peak demand in the summer. NG gas price is currently compressed, and the inventory level is quite low by historical standards.