I plan to continue padding my passive income this month.I love buying dividend stocks. I like to collect the passive income they produce. On top of that, dividend stocks have historically delivered much higher total returns than companies that don't pay dividends. Because of that, they're a no-brainer investment for me. I like to routinely add to my favorite dividend stocks each month. Two that top my buy list for November are Chevron (CVX 2.86%) and Vici Properties (VICI -1.01%). Here's why I plan to conti ...

Oil is traded higher on Friday because of geopolitical tensions, which have also caused some oil stocks to move up.As you can see on the chart below, Chevron Corporation CVX is no exception. This is why our team of expert technical analysts has made it our Stock of the Day.Moves in financial markets are determined by supply and demand. It's basic economics. If the supply and the demand aren't equal, the market will adjust and try to find equilibrium.For example, if there isn't enough supply (sell orders) in ...

Key TakeawaysExxon Mobil and Chevron saw significant declines in profit margins for refined products.Consumers benefited as fuel prices, which typically rise in summer, dropped this year.As a result, earnings for both oil and gas conglomerates fell during the third quarter from the same period a year ago. Oil-and-gas giants Exxon Mobil (XOM) and Chevron (CVX) surpassed subdued third-quarter earnings expectations Friday. But substantially weaker profit margins for refined products, reflecting lower summer fu ...

Financial Data and Key Metrics - Q3 2024 earnings reported at $4.5 billion or $2.48 per share, with adjusted earnings at $4.5 billion or $2.51 per share [15] - Organic CapEx for the quarter was $4 billion, in line with the budget [15] - Net debt ratio ended the quarter under 12%, maintaining one of the strongest balance sheets in the industry [15] - Cash flow in Q3 was the highest for the year, despite lower oil prices, with working capital decreasing by $1.4 billion due to lower inventory levels [16] - Share repurchases reached a record $4.7 billion, at the top end of the quarterly guidance range [16] - Adjusted earnings were down $150 million compared to the previous quarter, primarily due to lower liquids realizations and higher DD&A at TCO, partially offset by higher liftings [17] - Adjusted Q3 earnings were down $1.2 billion compared to the same quarter last year, with upstream earnings flat and downstream earnings decreasing due to lower refining margins [18] - Oil equivalent production increased by 70,000 barrels per day from the previous quarter, driven by strong production in the Permian, particularly in New Mexico [19] Business Line Data and Key Metrics - Worldwide production increased by 7% year-over-year, setting a Q3 record [5] - Permian production was strong, with new well performance in the Delaware Basin outperforming expectations, particularly in the second Bone Spring and Wolfcamp A [34] - The company expects full-year average production growth to finish at the top end of the 4% to 7% guidance range [19] - Downstream earnings increased due to favorable timing effects and higher U.S. volumes, partially offset by lower U.S. refining margins [17] - The company anticipates $2 billion to $3 billion in structural cost reductions by the end of 2026, driven by portfolio optimization, technology, and global capability centers [21] Market Data and Key Metrics - Gulf of Mexico production is expected to grow to 300,000 barrels per day by 2026, driven by projects like the Anchor project and water injection at Jack/St. Malo and Tahiti fields [6] - The company expanded its CO2 storage portfolio by adding over 2 million acres offshore Western Australia [6] - In Canada, the company received a compelling offer for its Kaybob Duvernay shale position and non-operated interest in the Athabasca Oil Sands project, with expected proceeds of approximately $8 billion before taxes [13][47] - The company's operations in Colorado are among the lowest carbon intensity assets in the industry, with tankless production facilities reducing greenhouse gas emissions by 90% compared to older designs [10] Company Strategy and Industry Competition - The company continues to focus on portfolio optimization, with asset sales in Canada, Alaska, and Congo contributing to significant value realization [13] - The integration of PDC Energy has been successful, with combined capital and cost synergies exceeding guidance by more than 30%, delivering over $1 billion in incremental free cash flow [8] - The company is leveraging technology to enhance productivity, with initiatives like grid-powered rigs reducing on-site greenhouse gas emissions by over 60% [10] - The company is preparing for the start-up of the TCO Future Growth Project, with complex commissioning activities expected to continue into Q1 2025 [12] Management Commentary on Operating Environment and Future Outlook - Management highlighted strong operational performance, particularly in the Permian and at TCO, with major turnarounds completed ahead of schedule [5] - The company expects significant volume growth in the coming years, alongside structural cost reductions of $2 billion to $3 billion by the end of 2026 [21] - Management remains confident in the TCO start-up timeline, with progress on commissioning and start-up activities being methodical and predictable [26] - The company plans to maintain a strong balance sheet and continue rewarding shareholders through consistent share repurchases and dividends [65] Other Important Information - The company announced several asset sales as part of its ongoing portfolio optimization efforts, with expected proceeds of approximately $8 billion before taxes [13] - The company is focused on maintaining a strong balance sheet, with a net debt ratio under 12% and plans to use excess cash to reward shareholders [15][16] - The company is leveraging digital tools and technology to optimize production and reduce costs, particularly in complex turnarounds and maintenance events [21][92] Q&A Session Summary Question: TCO Start-up Derisking - Management emphasized progress on TCO start-up, with complex commissioning work ongoing and start-up procedures expected in Q1 2025 [26] - The team is focused on ensuring reliability and safety during the start-up process, with key milestones already achieved, such as transitioning to low-pressure production [28] Question: Permian Production and Sustainability - Permian production is expected to reach a plateau around 1 million barrels per day, with a focus on free cash flow rather than growth [36] - The company plans to reduce Permian CapEx in the coming years, with 2024 likely being the peak year for capital spending in the region [37] Question: Hess Merger and Uncertainty - Management expressed confidence in the Hess merger, despite uncertainty around the arbitration process, and emphasized the importance of integrating the two companies [43] - The company is proceeding with the transaction as structured, with integration planning well underway [43] Question: Canada Asset Sales - The decision to divest Canadian assets was driven by attractive offers and a focus on portfolio optimization, with the Kaybob Duvernay and Athabasca Oil Sands project being non-core assets [47] - The company remains open to adding long-duration, high-quality assets but will continue to high-grade its portfolio [50] Question: Cost Savings and Structural Reductions - The company expects $2 billion to $3 billion in structural cost reductions by 2026, with a focus on portfolio actions, technology, and global capability centers [55] - The first $2 billion in savings is firm, with the remaining $1 billion being a target for additional initiatives [58] Question: Balance Sheet and Shareholder Returns - The company plans to maintain a strong balance sheet and continue share repurchases at a run rate of $17.5 billion annually, despite commodity price volatility [63] - The company has a track record of maintaining shareholder distributions through various market cycles [65] Question: Gulf of Mexico Technology and Production - The company highlighted technological advancements in the Gulf of Mexico, particularly with the Anchor project, which is the first to produce with 20,000 psi technology [80] - The company expects continued growth in the Gulf of Mexico, with opportunities for near-field development and tie-backs to existing infrastructure [84] Question: Turnaround Execution - The company has improved turnaround execution across upstream and downstream facilities, with 8 out of 9 turnarounds executed in line with first-quartile duration targets [96] - Digital tools and benchmarking have been key to improving turnaround performance [92] Question: California Downstream Operations - The company expressed concerns about California's regulatory environment, which has led to higher gasoline prices and discouraged investment [113] - The company will continue to evaluate its California refineries within the broader portfolio but sees challenges in justifying new investments in the state [114] Question: LNG Market Outlook - The company expects the LNG market to remain balanced in 2025, with healthy inventories and new supply coming online in Qatar and the U.S. [117] - The company's LNG portfolio is 80% contracted, primarily on oil-indexed pricing, with limited spot exposure [118] Question: Chemicals Business - The chemicals business saw improved margins in Q3, driven by supply disruptions and strengthening demand, particularly in Asia [121] - The company remains constructive on the long-term fundamentals of the chemicals sector, with new projects expected to come online in the second half of the decade [122] Question: Eastern Mediterranean Operations - The company is focused on safety and asset integrity in the Eastern Mediterranean, with expansion projects at Tamar and Leviathan on track for completion in late 2025 [127] - The company has entered FEED for a larger expansion at Leviathan, which would significantly increase production capacity by the end of the decade [127] Question: Permian Royalty and Non-Operated Assets - The company sees strong performance across all components of its Permian business, including royalty and non-operated assets, with no significant variation in development pace [131]

Chevron Corporation (CVX) reported adjusted third-quarter earnings per share of $2.51, beating the Zacks Consensus Estimate of $2.47. The outperformance stemmed from higher-than-expected U.S. production in the company’s key upstream segment, as volume from the Permian Basin reached an all-time high. The unit’s domestic output of 1,605 thousand oil-equivalent barrels per day (MBOE/d) came in slightly above the consensus mark of 1,602 MBOE/d.Find the latest EPS estimates and surprises on Zacks Earnings Calend ...

Economic & Earnings Commentary The long-awaited Employment Situation report from the U.S. Bureau of Labor Statistics (BLS) is out this morning. At first glance, it looks paltry: 12K new jobs were filled in October, with downward revisions to the previous two months. The Unemployment Rate remained unchanged at 4.1%. Why the disconnect between the two headline numbers? Because they pull from two different surveys: the 12K job gains comes from the Establishment survey, while unemployment is a reflection of the ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Earnings season continues to move rapidly, with a notably rich reporting docket this week. A few big-tech names and representatives from many sectors have delivered their quarterly prints, with next week just as exciting.Among the bunch this week are two energy titans, Exxon Mobil (XOM) and Chevron (CVX) . There has been a big performance disparity between the two in 2024, with XOM shares widely outperforming.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.Energy companies are expec ...

Group 1 - Chevron Corporation (CVX) has acquired a 60% stake in the AREA OFF-1 block from Challenger Energy Group, becoming the operator of the block located about 100 km off Uruguay's coast [1][2] - The acquisition cost includes a cash payment of $12.5 million and CVX will assume up to $15 million of Challenger's costs for a 3D seismic campaign, along with 50% of Challenger's costs for drilling an exploration well, capped at $20 million [3] - The acquisition has received all necessary approvals from Uruguayan regulatory authorities, ensuring Challenger is fully funded for its prospects and allowing for high-quality technical work in the exploration blocks [4] Group 2 - CVX and Challenger are planning a 3D seismic campaign expected to begin in the first half of 2025, covering approximately 14,557 km [5] - Challenger is advancing its AREA OFF-3 technical work program and aims to utilize insights from AREA OFF-1 for this block, with plans to farm out AREA OFF-3 by mid-2025 [6] Group 3 - Chevron is one of the largest publicly traded oil and gas companies globally but faces challenges due to high sensitivity to oil price fluctuations and relatively expensive valuation, currently holding a Zacks Rank 5 (Strong Sell) [7] - Investors may consider better-ranked stocks in the energy sector, such as Smart Sand, Inc. (SND) with a Zacks Rank 1 (Strong Buy), and Nine Energy Service, Inc. (NINE) and Talos Energy Inc. (TALO) both with a Zacks Rank 2 (Buy) [8]

Chevron (CVX) came out with quarterly earnings of $2.51 per share, beating the Zacks Consensus Estimate of $2.47 per share. This compares to earnings of $3.05 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 1.62%. A quarter ago, it was expected that this oil company would post earnings of $2.88 per share when it actually produced earnings of $2.55, delivering a surprise of -11.46%.Over the last four quarters, the company has s ...