Earnings Preview: Chevron Corp.

Chevron Corp. (CVX) is expected to report Q3 earnings on Friday, October 30 before the market open with a conference call scheduled for 11 am ET.

Guidance

Analysts are looking for EPS of $1.47 on revenue of $47.84B. The consensus range is $1.33-$1.84 for EPS, and $39.4B-$57.52B for revenue, according to First Call. Chevron reported in its interim update in early October that earnings for Q3 are expected to be higher than in Q2. Upstream earnings are projected to increase significantly, reflecting higher prices for crude oil, as well as approximately $400M of gains related to asset sales and tax items. Downstream results are expected to be relatively flat. Unfavorable foreign currency effects are anticipated in the upstream and downstream business segments even though the dollar weakened less in Q3 against most major currencies than in Q2. The company reported earnings well below estimates in Q2, but investors are hopeful Q3 will be more positive.