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Chevron (CVX) Reports Q2 Earnings: What Key Metrics Have to Say

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For the quarter ended June 2025, Chevron (CVX - Free Report) reported revenue of $44.82 billion, down 12.4% over the same period last year. EPS came in at $1.77, compared to $2.55 in the year-ago quarter.

The reported revenue represents a surprise of -4.89% over the Zacks Consensus Estimate of $47.12 billion. With the consensus EPS estimate being $1.70, the EPS surprise was +4.12%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Chevron performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
  • U.S. and International Upstream - Total net oil-equivalent production: 3396 millions of barrels of oil equivalent versus 3325.97 millions of barrels of oil equivalent estimated by five analysts on average.
  • U.S. Upstream - Net oil-equivalent production per day: 1695 millions of barrels of oil equivalent per day versus the four-analyst average estimate of 1675.02 millions of barrels of oil equivalent per day.
  • International Upstream - Net oil-equivalent production per day: 1701 millions of barrels of oil equivalent per day versus 1651.44 millions of barrels of oil equivalent per day estimated by four analysts on average.
  • U.S. Upstream - Net natural gas production per day: 2,864.00 Mcf/D versus 2,826.53 Mcf/D estimated by three analysts on average.
  • Worldwide - Net natural gas production per day (Natural Gas Production): 7,963.00 Mcf/D versus 7,851.63 Mcf/D estimated by three analysts on average.
  • Worldwide - Net crude oil and natural gas liquids production per day (Liquids Production): 2068 millions of barrels of oil per day versus 2024.02 millions of barrels of oil per day estimated by three analysts on average.
  • U.S. Upstream - Net crude oil and natural gas liquids production per day (Liquids Production): 1218 millions of barrels of oil per day versus the three-analyst average estimate of 1205.94 millions of barrels of oil per day.
  • International Upstream - Net natural gas production per day (Natural Gas Production): 5,099.00 Mcf/D compared to the 5,025.09 Mcf/D average estimate based on three analysts.
  • International Upstream - Net crude oil and natural gas liquids production per day (Liquids Production): 850 millions of barrels of oil per day versus the three-analyst average estimate of 818.08 millions of barrels of oil per day.
  • Revenues- Other income: $-89 million versus $182.25 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -122.2% change.
  • Revenues- Income (loss) from equity affiliates: $536 million versus $526.15 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -55.6% change.
  • Revenues- Sales and other operating revenues: $44.38 billion compared to the $44.6 billion average estimate based on two analysts. The reported number represents a change of -10.5% year over year.

View all Key Company Metrics for Chevron here>>>

Shares of Chevron have returned -0.2% over the past month versus the Zacks S&P 500 composite's +1.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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