Chevron: ready for the rebound

Having weathered the downturn in impressive fashion, Chevron is well placed to take advantage of any Iran supply shock

Chevron has performed well of late. The US oil and gas giant posted earnings of $3.4bn for Q2 2018, a marked improvement on the $1.5bn the company reported in the same period last year. Its impressive financials are the result of "higher crude oil prices, strong operations and higher production", according to chief executive Michael Wirth. However, despite Chevron's earnings more than doubling over the past 12 months its performance missed Wall Street expectations. According to S&P Capital IQ, consensus second-quarter earnings for Chevron were estimated at $2.07 per share, only to come in at $1.78, 16% lower than most analysts were predicting. It's worth noting that Chevron isn't alone,