Chevron’s stock drops after earnings and revenue miss
Shares of Chevron Corp. shed 2.6% in premarket trade Friday, after the oil giant reported second-quarter earnings and revenue that missed expectations, as a big jump in oil prices was offset by a drop in natural gas prices. Net income rose to $3.41 billion, or $1.78 a shares, from $1.45 billion, or 77 cents a share, in the same period a year ago. The results included a $270 million receivable write down, which based on 1.919 billion weighted-average diluted shares outstanding represents 14 cents a share. The FactSet consensus for earnings per share was $2.09. Total revenue grew to $42.24 billion from $34.48 billion, well below the FactSet consensus of $45.65 billion. Net oil-equivalent production increased to 2.83 million barrels per day from 2.78 million barrels per day, missind the FactSet consensus of 2.85 million barrels per day. Average sales price per barrel of crude oil and natural gas liquids increased to $59 from $41, while average price of natural gas fell to $1.61 per thousand cubic feet from $2.32. The stock has shed 1% year to date through Thursday, while the Dow Jones Industrial Average has gained 3.3%.