Chevron Trails Peers in Q2 Diversified Upstream E&P Results
The diversified upstream E&P industry saw impressive results in Q2, with revenues beating analysts' consensus estimates by 9.7%. Chevron (NYSE:CVX) was the weakest performer among its peers, but still reported a significant increase in revenue.
Chevron's revenue rose by 56.3% year on year to $70.06 billion, exceeding analyst expectations by 6.2%. However, it fell short of beating analyst estimates compared to other companies in the industry.
On the other hand, Occidental Petroleum (NYSE:OXY) outperformed its peers with a revenue increase of 57.1% year on year to $8.33 billion, surpassing analysts' expectations by 15.3%. The company also beat analyst EPS estimates.
The industry as a whole saw share prices rise an average of 13% since the latest earnings results. Devon Energy (NYSE:DVN) reported the fastest revenue growth with a 67.4% year on year increase to $6.89 billion, beating analysts' expectations by 10.3%. ExxonMobil (NYSE:XOM) also had a strong quarter, with revenues increasing by 42.3% year on year to $116 billion.