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Morningstar's Chevron Corp Stock Analysis

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Chevron Continues to Capitalize on High Commodity Prices in Q1; Bumping Repurchases to top of Range

Allen Good, CFA Sector Strategist

Analyst Note

| Allen Good, CFA |

Chevron reported first quarter earnings that fell just short of market expectations but still increased significantly from the year before thanks to higher commodity prices. Adjusted earnings increased to $6.3 billion from $1.4 million the year before. Upstream earnings were responsible for the improvement demonstrating Chevron’s leverage to oil and gas prices, increasing to $6.9 billion from $2.4 billion the year before even as production slipped to 3,060 mboed from 3,121 mboed the year before, largely on contract expirations. However, Permian production grew to a record 692 mboed during the quarter and the company increased its 2022 guidance to 700-750 mboed, implying growth of 15% from 2021. Downstream earnings improved to $331 million from $5 million a year ago but remain relatively weak due to losses in the international segment from higher expenses and lower margins. Timing effects related to a rising price market were also responsible for the weaker performance, but should be made up in subsequent quarters.

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Chevron Corp's Company Profile

Business Description

Chevron is an integrated energy company with exploration, production, and refining operations worldwide. It is the second- largest oil company in the United States with production of 3.1 million of barrels of oil equivalent a day, including 7.7 million cubic feet a day of natural gas and 1.8 million of barrels of liquids a day. Production activities take place in North America, South America, Europe, Africa, Asia, and Australia. Its refineries are in the U.S. and Asia for total refining capacity of 1.8 million barrels of oil a day. Proven reserves at year-end 2021 stood at 11.3 billion barrels of oil equivalent, including 6.1 billion barrels of liquids and 30.9 trillion cubic feet of natural gas.

6001 Bollinger Canyon Road
San Ramon, CA, 94583-2324
T +1 925 842-1000
Sector Energy
Industry Oil & Gas Integrated
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 12,204

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