Categories AlphaGraphs, Earnings, Energy

CVX Earnings: Chevron Q1 2022 profit beats estimates; revenue up 70%

Chevron Corporation (NYSE: CVX) reported a sharp increase in first-quarter profit as the energy giant’s revenues grew by 70%. Both earnings and the top line exceeded the consensus estimates.

Chevron Q1 2022 earnings infographic

Total revenues and other income jumped 70% year-over-year to $54.4 billion in the March quarter and came in above analysts’ forecast. Revenues benefited from a record surge in crude oil prices.

Reflecting the positive top-line performance, first-quarter adjusted profit moved up to $3.36 per share from $0.90 per share in the same period of 2021. Unadjusted profit rose to $6.3 billion or $3.22 per share from $1.4 billion or $0.72 per share last year. Earnings also beat the estimates.

Check this space to read management/analysts’ comments on Chevron’s Q1 results

“First quarter financial performance saw a return on capital employed increase to 14.7 percent and our balance sheet strengthen further. The company’s debt ratio and net debt ratio declined to 16.7 and 10.8 percent, respectively. Chevron is doing its part to grow domestic supply with U.S. oil and gas production up 10 percent over the first quarter of last year,” Wirth continued,” said Mike Wirth, Chevron’s chief executive officer.

Prior Performance

What is an earnings call?

All public companies announce their quarterly/yearly financial results, which is usually followed by an interactive session attended by company’s management executives, analysts, investors and journalists. These earnings conference calls help the stakeholders get additional insights into the company’s financial condition.
Earnings calls typically have a summary part wherein a senior executive explains the various aspects of the business with focus on the latest quarter, including matters not discussed in the earnings report. The opening statement is mostly followed by a Q&A session, in which the management answers questions asked by analysts.

Where can I get earnings call transcripts?

For investors, earnings conference calls are an important source of valuable information that often their investment decisions. For convenience, earnings transcripts of all major conference calls are published after the call ends, either by the company itself or by third parties. In some cases, they are available on the investor relations segment off the companies’ official websites. Financial news platforms like AlphaStreet also publish earnings call transcripts. They come both in the subscription and free formats, depending on the content policy of the source. Earnings call transcripts are often preserved for future reference.

What is an earnings calendar?

Earnings calendar is event information which contains the date and time of the earnings releases of all publicly listed companies during an earnings season. This will help investors and others keep track of the earnings events. The information included in such calendars are mainly sourced from official press releases, SEC filings of the companies. Leading financial news providers like AlphaStreet provide earnings calendar with release date, time, financial year, dial- in, webcast details and more.

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