Source: Dreamstime
Reading time: 2 minutes
The leading U.S. crude oil and natural gas producer posted refreshingly upbeat results on the backdrop of surging commodities prices and lower operational costs.
Financial performance for Q3 2021
“Our free cash flow during the quarter was the best ever reported by the company. We paid dividends of $2.6 billion, reduced debt by $5.6 billion, and repurchased $625 million of shares during the quarter.”
Mike Wirth, chairman and CEO
Here’s how Chevron Corp did for the period:
– Gross earnings: $44.71 billion (80% y/y growth) versus $40.52 billion expected
– Net earnings: $5.7 billion versus $340 million for the same period last year
– Earnings per share: $2.96 versus $2.21 expected
– Income from upstream operations: the skyrocketing oil and gas prices allowed the company to earn $5.13 billion vs just $235 million from the year-ago period
– Sales and other operating revenues: $43 billion, or almost double the amount from the year-ago period ($24 billion)
– Production capacity: net oil-equivalent production of 1.13 million barrels per day, which is 145,000 more barrels per day than last year. The increase was possible thanks to the recent acquisition of Noble Energy
– Dividends and stock repurchases: for the period, the oil giant paid $2.6 billion in dividends and repurchased $625 million worth of stock
– Outstanding debts: the strong financial performance allowed Chevron to reduce its outstanding debt by $5.6 billion
Outlook for Q4 2021 and beyond
“Third-quarter earnings were the highest since first quarter 2013 largely due to improved market conditions, strong operational performance and a lower cost structure.”
Mike Wirth
If these results tell investors anything, it’s that the decline of the gas and oil industry since the start of the pandemic might be on its way to a V-shaped recovery. For reference, the third quarter of 2020 saw Chevron with a loss of $207 million, while the second quarter of 2021 saw earnings per share of $1.71, or almost half the figure for Q3 2021.
As for what the future holds for the oil giant, it’s still too early to tell, but the company did say that it continues to exercise capital discipline and has so far managed to lower its spending by 22% on a yearly basis. Since the start of this year, Chevron Corp’s stock is up 34%.
Upcoming reports
See the full list of upcoming earnings reports for 1-5 November in the tables below.
Monday, 1st November 2021
| Country | Company | Fiscal period |
|---|---|---|
| Kingdom of the Netherlands | NXP Semiconductors NV | Q3 2021 |
| USA | SBA Communications Corp | Q3 2021 |
| Switzerland | Transocean Ltd | Q3 2021 |
| USA | Williams Companies Inc | Q3 2021 |
| USA | Mckesson Corp | Q2 2022 |
| USA | Sysco Corp | Q1 2022 |
Tuesday, 2nd November 2021
| Country | Company | Fiscal period |
|---|---|---|
| USA | Mondelez International Inc | Q3 2021 |
| USA | Lyft Inc | Q3 2021 |
| USA | Verisk Analytics Inc | Q3 2021 |
| USA | Activision Blizzard Inc | Q3 2021 |
| USA | Progressive Corp | Q3 2021 |
| USA | Vertex Pharmaceuticals Inc | Q3 2021 |
| USA | Akamai Technologies Inc | Q3 2021 |
| USA | Amgen Inc | Q3 2021 |
| USA | Devon Energy Corp | Q3 2021 |
| USA | Exelixis Inc | Q3 2021 |
| USA | Edison International | Q3 2021 |
| USA | Cummins Inc | Q3 2021 |
| Canada | Thomson Reuters Corp | Q3 2021 |
| USA | Expeditors International of Washington Inc | Q3 2021 |
| USA | Dupont De Nemours Inc | Q3 2021 |
| USA | Stericycle Inc | Q3 2021 |
| USA | Henry Schein Inc | Q3 2021 |
| USA | Pfizer Inc | Q3 2021 |
| Canada | Bausch Health Companies Inc | Q3 2021 |
| USA | Lannett Company Inc | Q1 2022 |
| USA | Under Armour Inc | Q3 2021 |
Wednesday, 3rd November 2021
| Country | Company | Fiscal period |
|---|---|---|
| USA | Sturm Ruger & Company Inc | Q3 2021 |
| USA | MGM Resorts International | Q3 2021 |
| USA | Allstate Corp | Q3 2021 |
| United Kingdom | Liberty Global PLC | Q3 2021 |
| USA | Roku Inc | Q3 2021 |
| USA | News Corp | Q1 2022 |
| USA | Qualcomm Inc | Q4 2021 |
| USA | Inseego Corp | Q3 2021 |
| USA | GoDaddy Inc | Q3 2021 |
| USA | Marathon Oil Corp | Q3 2021 |
| USA | APA Corp | Q3 2021 |
| USA | Booking Holdings Inc | Q3 2021 |
| USA | ETSY Inc | Q3 2021 |
| USA | Electronic Arts Inc | Q2 2022 |
| USA | Arconic Corp | Q3 2021 |
| USA | Exelon Corp | Q3 2021 |
| USA | Tupperware Brands Corp | Q3 2021 |
| USA | Broadridge Financial Solutions Inc | Q1 2022 |
| Canada | Cronos Group Inc | Q3 2021 |
| China | Alibaba Group Holding Ltd | Q2 2022 |
| USA | Marriott International Inc | Q3 2021 |
| USA | CVS Health Corp | Q3 2021 |
| USA | Emerson Electric Co | Q4 2021 |
| USA | Entergy Corp | Q3 2021 |
| USA | Discovery Inc | Q3 2021 |
| Italy | Intesa Sanpaolo SpA | Q3 2021 |
| USA | Monster Beverage Corp | Q3 2021 |
| USA | Wynn Resorts Ltd | Q3 2021 |
| USA | Equinix Inc | Q3 2021 |
Thursday, 4th November 2021
| Country | Company | Fiscal period |
|---|---|---|
| USA | Mandiant Inc | Q3 2021 |
| USA | GoPro Inc | Q3 2021 |
| USA | Yelp Inc | Q3 2021 |
| USA | Pinterest Inc | Q3 2021 |
| USA | Microchip Technology Inc | Q2 2022 |
| USA | Floor & Decor Holdings Inc | Q3 2021 |
| USA | EOG Resources Inc | Q3 2021 |
| USA | Novavax Inc | Q3 2021 |
| USA | Airbnb Inc | Q3 2021 |
| USA | Uber Technologies Inc | Q3 2021 |
| USA | Expedia Group Inc | Q3 2021 |
| USA | Dropbox Inc | Q3 2021 |
| USA | Motorola Solutions Inc | Q3 2021 |
| USA | Cloudflare Inc | Q3 2021 |
| USA | Square Inc | Q3 2021 |
| USA | American International Group Inc | Q3 2021 |
| USA | Occidental Petroleum Corp | Q3 2021 |
| USA | Illumina Inc | Q3 2021 |
| Brazil | Banco Bradesco SA | Q3 2021 |
| USA | Regeneron Pharmaceuticals Inc | Q3 2021 |
| USA | HanesBrands Inc | Q3 2021 |
| USA | Nikola Corporation | Q3 2021 |
| USA | Citrix Systems Inc | Q3 2021 |
| USA | DISH Network Corp | Q3 2021 |
| USA | DENTSPLY SIRONA Inc | Q3 2021 |
| USA | Cigna Corp | Q3 2021 |
| USA | Cheniere Energy Inc | Q3 2021 |
| USA | Zoetis Inc | Q3 2021 |
| USA | Liberty Media Corp | Q3 2021 |
| Ireland | Aptiv PLC | Q3 2021 |
| USA | NRG Energy Inc | Q3 2021 |
| USA | Southern Co | Q3 2021 |
| USA | Duke Energy Corp | Q3 2021 |
| Taiwan | Himax Technologies Inc | Q3 2021 |
| Canada | Barrick Gold Corp | Q3 2021 |
Friday, 5th November 2021
| Country | Company | Fiscal period |
|---|---|---|
| Canada | Canopy Growth Corp | Q2 2022 |
| Ireland | Johnson Controls International PLC | Q4 2021 |
| USA | Berkshire Hathaway Inc | Q3 2021 |
| Canada | Enbridge Inc | Q3 2021 |
| USA | Dominion Energy Inc | Q3 2021 |
| USA | Gannett Co Inc | Q3 2021 |
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