Chevron's interim update seen tipping flat Q2, stripping out adjustments


Chevron's (CVX -1.3%) Q2 interim update is negatively received by investors, given the lower than expected operating and financial results.

CVX said earnings will be higher Q/Q as a result of gains on asset sales and an absence of impairments in the prior quarter, but this is being interpreted to mean that the Q2 result actually will be lower than Q1 since management did not specifically state that results would be sequentially flat after the adjustments.

Barclays thinks current consensus estimates will be revised much lower following the update (Briefing.com).

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