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Chevron exceeded earnings expectations in its latest quarterly report, although profits saw a decline compared to the same period last year due to challenges in its refineries and international gas operations. The oil giant reported adjusted earnings per share of $2.93, surpassing the anticipated $2.87, while revenue came in at $48.72 billion, falling short of analysts’ projections. Net income declined by 16% to $5.5 billion, attributed to reduced sales margins in refineries and lower natural gas prices impacting international production profits.
- Chevron's refining business in the U.S. experienced a significant drop in earnings, alongside a substantial decrease in international refining profits. However, the company's U.S. oil and gas segment saw a 16% increase in earnings, driven by higher sales volume, particularly in the Permian and Denver-Julesburg basins.
Why it matters
Despite challenges, Chevron achieved its highest first-quarter worldwide production output, reaching 3.35 million barrels per day.