Chevron (CVX) Tops Q2 EPS by 8c
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EPS Growth %: -15.5%
Financial Fact:
Net Income: 1.3B
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Chevron (NYSE: CVX) reported Q2 EPS of $2.98, $0.08 better than the analyst estimate of $2.90. Revenue for the quarter came in at $55.58 billion versus the consensus estimate of $56.93 billion.
Highlights:
U.S. upstream earnings of $1.05 billion in second quarter 2014 were down $29 million from a year earlier, as gains on asset sales and stronger crude oil and natural gas realizations were more than offset by additional depreciation, exploration and operating expenses.
International upstream earnings of $4.21 billion increased $344 million from second quarter 2013. The increase between quarters was primarily due to a gain on the sale of interests in Chad and Cameroon and higher realizations and sales volumes for crude oil, partially offset by higher exploration and depreciation expenses. Foreign currency effects decreased earnings by $147 million in the 2014 quarter, compared with an increase of $275 million a year earlier.
U.S. downstream operations earned $517 million in second quarter 2014 compared with earnings of $138 million a year earlier. The increase was mainly due to higher earnings from the 50 percent-owned Chevron Phillips Chemical Company LLC and stronger margins on refined product sales. Higher gains from asset sales also contributed to the increase.
International downstream operations earned $204 million in second quarter 2014 compared with $628 million a year earlier. The decrease was mainly due to lower margins on refined product sales and an unfavorable change in effects on derivative instruments. Foreign currency effects decreased earnings by $84 million in the 2014 quarter, compared with an increase of $30 million a year earlier.
For earnings history and earnings-related data on Chevron (CVX) click here.
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