Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Chevron Corporation reported its first-quarter 2025 financial results, showcasing strong operational and strategic performance amidst ongoing macroeconomic uncertainties.</li><li>Chevron's commitment to shareholder returns remained robust, with $6.9 billion returned through dividends and buybacks in the quarter, continuing a streak of $5 billion or more per quarter for 12 consecutive quarters.</li><li>The company made progress in strategic acquisitions, notably acquiring nearly 5% of Hess's common shares, anticipating completing the merger soon.</li></ul>

Chevron Corporation reported its first-quarter 2025 financial results, showcasing strong operational and strategic performance amidst ongoing macroeconomic uncertainties.Chevron's commitment to shareholder returns remained robust, with $6.9 billion returned through dividends and buybacks in the quarter, continuing a streak of $5 billion or more per quarter for 12 consecutive quarters.The company made progress in strategic acquisitions, notably acquiring nearly 5% of Hess's common shares, anticipating completing the merger soon.

Chevron's Gulf of Mexico Megaprojects Are Surging—25

<ul><li>Chevron Corporation's latest earnings results reflect a mix of robust performance and challenges, characteristic of the dynamics within the energy sector.</li><li>The company reported fourth-quarter earnings of $3.2 billion, or $1.84 per share, with adjusted earnings at $3.6 billion, or $2.06 per share.</li><li>The quarter was impacted by one-time charges amounting to $1.1 billion related to restructuring and impairments, highlighting areas of financial strain amidst generally positive performance metrics.</li></ul>

Chevron Corporation's latest earnings results reflect a mix of robust performance and challenges, characteristic of the dynamics within the energy sector.The company reported fourth-quarter earnings of $3.2 billion, or $1.84 per share, with adjusted earnings at $3.6 billion, or $2.06 per share.The quarter was impacted by one-time charges amounting to $1.1 billion related to restructuring and impairments, highlighting areas of financial strain amidst generally positive performance metrics.

Chevron Corporation: Permian Basin Growth, Cash Flow Optimization & Other Major Drivers!

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Chevron’s 2024 revenue rose 0.9% YoY, beating estimates by 4.7%, but EPS fell 23.5%, missing estimates by 1.2%. The downstream segment reported its first loss since 2020.</li>
<li>Chevron’s Q4 production fell 1.2% YoY but 2024 output hit a record, with global and U.S. production up 7% and 19% YoY, driven by growth in the Permian.</li>
<li>Chevron raised its quarterly dividend by 5% to USD 1.71/share and reaffirmed plans to generate USD 10 billion in free cash flow over two years.</li>
</ul>


Chevron’s 2024 revenue rose 0.9% YoY, beating estimates by 4.7%, but EPS fell 23.5%, missing estimates by 1.2%. The downstream segment reported its first loss since 2020.
Chevron’s Q4 production fell 1.2% YoY but 2024 output hit a record, with global and U.S. production up 7% and 19% YoY, driven by growth in the Permian.
Chevron raised its quarterly dividend by 5% to USD 1.71/share and reaffirmed plans to generate USD 10 billion in free cash flow over two years.


[Earnings Review] Chevron Missed Expectations Due to Low Margins and High Costs

<ul>
<li>Chevron to report its Q4 earnings on 31/Jan, with revenue and EPS projected to fall sequentially and annually. For 2024 also, revenue and EPS are expected to drop.</li>
<li>As of 29/Jan, Chevron’s implied volatility (IV) stands at 21.12%, with an IV rank of 43.95% and an IV percentile of 75%.</li>
<li>Chevron’s OI by strike for the 31/ Jan expiry shows calls concentrated at strikes 162.5, 165, and 167.5, while puts are prominent at strikes of 150, 152.5, and 155.</li>
</ul>


Chevron to report its Q4 earnings on 31/Jan, with revenue and EPS projected to fall sequentially and annually. For 2024 also, revenue and EPS are expected to drop.
As of 29/Jan, Chevron’s implied volatility (IV) stands at 21.12%, with an IV rank of 43.95% and an IV percentile of 75%.
Chevron’s OI by strike for the 31/ Jan expiry shows calls concentrated at strikes 162.5, 165, and 167.5, while puts are prominent at strikes of 150, 152.5, and 155.


[Pre Earnings Options Flash] Chevron’s Options Activity Reflects Market Caution Ahead of Q4 Earnings

<ul>
<li>Chevron's Q4 revenue and EPS are expected to drop 1.2% YoY and 38.8%, respectively. Similarly, its 2024 annual revenue and EPS are anticipated to fall by 2.5% and 22.5%.</li>
<li>Chevron expects restructuring and other charges to impact its Q4 2024 earnings by USD 1.1 billion to USD 1.5 billion.</li>
<li>Chevron set its 2025 organic capex at USD 14.5–15.5 billion and affiliate capex at USD 1.7–2.0 billion, marking a USD 2 billion decline from the previous year.</li>
</ul>


Chevron's Q4 revenue and EPS are expected to drop 1.2% YoY and 38.8%, respectively. Similarly, its 2024 annual revenue and EPS are anticipated to fall by 2.5% and 22.5%.
Chevron expects restructuring and other charges to impact its Q4 2024 earnings by USD 1.1 billion to USD 1.5 billion.
Chevron set its 2025 organic capex at USD 14.5–15.5 billion and affiliate capex at USD 1.7–2.0 billion, marking a USD 2 billion decline from the previous year.


[Earnings Preview] Lower Oil Prices and Refining Margins to Weigh on Chevron’s Earnings

United States

Chevron Corporation is an integrated energy company with operations in countries located around the world.  The Company produces and transports crude oil and natural gas.  Chevron also refines, markets, and distributes fuels as well as is involved in chemical operations, mining operations, power generation and energy services.

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Chevron Corp (CVX US)

Chevron's Gulf of Mexico Megaprojects Are Surging—25

Chevron Corporation reported its first-quarter 2025 financial results, showcasing strong operational and strategic performance amidst ongoing...

Baptista Research

Chevron Corporation: Permian Basin Growth, Cash Flow Optimization & Other Major Drivers!

Chevron Corporation's latest earnings results reflect a mix of robust performance and challenges, characteristic of the dynamics within the energy...

Baptista Research

[Earnings Review] Chevron Missed Expectations Due to Low Margins and High Costs

Chevron's 2024 revenue beats estimates, but EPS falls as downstream segment reports first loss since 2020. Production fell in Q4 but hit record...

Mint Finance

[Pre Earnings Options Flash] Chevron’s Options Activity Reflects Market Caution Ahead of Q4 Earnings

Chevron's Q4 earnings expected to decline, with revenue and EPS projected to fall for 2024 as well. IV at 21.12% with calls concentrated at higher...

Mint Finance

[Earnings Preview] Lower Oil Prices and Refining Margins to Weigh on Chevron’s Earnings

Chevron's Q4 revenue and EPS are expected to drop by 1.2% YoY and 38.8%, respectively. Restructuring charges are expected to impact earnings....

Mint Finance

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Chevron's Gulf of Mexico Megaprojects Are Surging—25

Chevron Corporation reported its first-quarter 2025 financial results, showcasing strong operational and strategic performance amidst ongoing...

Baptista Research

Chevron Corporation: Permian Basin Growth, Cash Flow Optimization & Other Major Drivers!

Chevron Corporation's latest earnings results reflect a mix of robust performance and challenges, characteristic of the dynamics within the energy...

Baptista Research

[Earnings Review] Chevron Missed Expectations Due to Low Margins and High Costs

​Chevron's 2024 revenue beats estimates, but EPS falls as downstream segment reports first loss since 2020. Production fell in Q4 but hit record...

Mint Finance

[Pre Earnings Options Flash] Chevron’s Options Activity Reflects Market Caution Ahead of Q4 Earnings

​Chevron's Q4 earnings expected to decline, with revenue and EPS projected to fall for 2024 as well. IV at 21.12% with calls concentrated at higher...

Mint Finance

[Earnings Preview] Lower Oil Prices and Refining Margins to Weigh on Chevron’s Earnings

​Chevron's Q4 revenue and EPS are expected to drop by 1.2% YoY and 38.8%, respectively. Restructuring charges are expected to impact earnings....

Mint Finance

Chevron's 2024 revenue beats estimates, but EPS falls as downstream segment reports first loss since 2020. Production fell in Q4 but hit record...

Chevron's Q4 earnings expected to decline, with revenue and EPS projected to fall for 2024 as well. IV at 21.12% with calls concentrated at higher...

Chevron's Q4 revenue and EPS are expected to drop by 1.2% YoY and 38.8%, respectively. Restructuring charges are expected to impact earnings....