How did CVX's Q4 2024 earnings surprise the market?

Chevron's (CVX) Q4 2024 earnings fell short of market expectations, with the company reporting a diluted EPS of $1.84, which was lower than the expected EPS of $2.51, according to the latest estimates. This marked a significant deviation from the previous quarter's performance, where Chevron had exceeded market expectations with an EPS of $2.51, surpassing the estimated EPS of $2.47 by 6.6%. The decline in earnings can be attributed to a 4.0% decrease in revenue, which fell to $50.67 billion from $54.08 billion in the same period last year. Additionally, the net income experienced a 31% drop, resulting in $4.49 billion, down from $6.5 billion in the previous year's same quarter. The profit margin also narrowed to 8.9% from 12% compared to the same quarter of the previous year. Overall, these factors contributed to the earnings miss, indicating a challenging operating environment for Chevron in Q4 2024.

|code|Ticker|Name|Date|Total Revenue|Diluted EPS|market_code|
|---|---|---|---|---|---|---|
|CVX|CVX.N|Chevron|2024 Q1|4.8716E10|2.97|169|
|CVX|CVX.N|Chevron|2024 Q2|5.1181E10|2.43|169|
|CVX|CVX.N|Chevron|2024 Q3|5.0669E10|2.48|169|
|CVX|CVX.N|Chevron|2024 Q4|5.2226E10|1.84|169|

|code|Ticker|Name|Date|Diluted EPS YoY|market_code|
|---|---|---|---|---|---|
|CVX|CVX.N|Chevron|2024 Q1|-14.161849710982652|169|
|CVX|CVX.N|Chevron|2024 Q2|-24.0625|169|
|CVX|CVX.N|Chevron|2024 Q3|-28.735632183908045|169|
|CVX|CVX.N|Chevron|2024 Q4|50.819672131147556|169|