Chevron Corp. (CVX) is one of the global premier companies in providing integrated energy solutions. It produces reliable and clean energy which is mandatory to achieve a sustainable and prosperous world. The company produces natural gas, crude oil, transportation fuel, lubricants, petrochemicals, and different additives.
The price of CVX stock during regular trading on March 4, 2022, was $158.6 with an incline of 1.56%. At last check in the premarket on March 7, 2022, the stock further leaped by 2.47%.
CVX: Events and Happenings
On March 3, 2022, CVX updated on donating $1 million to the Smithsonian’s National Museum of African American History and Culture. On March 1, 2022, CVX announced its progress in higher returns delivery and a lower carbon future advancement. Some of the key points are as follows.
- Increased share buyback guidance per year to $5 – $10 billion.
- Raised the capital employed target return at $60 Brent to 12% by 2026
- Estimated operating cash flow to flourish 10% per share per year through 2026
- Reiterated carbon intensity decline and new energies development targets
On February 24, 2022, CVX reported that its subsidiary had invested in cost-efficient industrial carbon capture ‘Carbon Clean’. On February 24, 2022, CVX informed that its subsidiary and Iwatani Corporation of America entered into a contract to develop 30 hydrogen fueling sites by 2026 in California. On February 23, 2022, CVX reported along with Project, a pilot project to autonomously authorize operational and environmental performance in its upstream North American area.
CVX: Key Financials
On January 28, 2022, CVX released its unaudited financial statement for the fourth quarter of 2021 ended December 31, 2021. Some of the main highlights are discussed below.
Revenue
Total revenues and other income in the fourth quarter of 2021 was $48.1 billion compared to $25.2 billion in the corresponding period of 2020. The company observed a gain of $22.8 billion in its income over the year. Also, it beat the analysts’ revenue expectations by $2.83 billion.
EPS
Basic and diluted net income in Q4 2021 was $5.1 billion or $2.63 per share compared to a net loss of $656 million or $0.33 per share in the same quarter in 2020. The company observed a momentous increase in its earnings over the year. Also, it missed the analysts’ EPS estimations by -$0.46.
Conclusion
CVX stock is 63% up from the past six months as it outplayed during the period as a result of economic uplift after the pandemic. The recent premarket stock swell of the CVX is the result of the Russia-Ukraine conflict which resulted in the oil price hike up to more than $100 per barrel in the past few days.
