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2025-10-10 20:34:31
[Behind Chevron's profit warning, the dilution effect of mergers and acquisitions has surfaced] ⑴ JPMorgan Chase lowered its third-quarter earnings per share forecast for Chevron from US$1.85 to US$1.72, down about 3% from US$1.77 in the second quarter. ⑵ The main reason for the profit reduction is that the number of shares increased by 13% after the completion of the acquisition of Hess Corporation, and the equity dilution effect offset about 3.5% of the net income growth. ⑶ Upstream business earnings are expected to increase to US$3.07 billion, mainly benefiting from the consolidation of Hess assets, improved crude oil monetization and increased production in oil fields such as the Permian. ⑷ Although the business fundamentals are good, equity expansion still suppresses earnings per share, causing the stock price to remain at about 5% this year.
