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Chevron Earnings Top Estimates While Refining Swings to Loss
Higher oil prices lifted Chevron’s upstream earnings, but $2.9 billion in timing effects and weaker refining cut profit to a five-year low.
- Chevron reported mixed first-quarter results on Friday, with net income falling to a five-year low of $2.2 billion despite adjusted earnings per share of $1.41 beating analyst estimates of $0.95.
- About $2.9 billion in "unfavorable timing effects" tied to derivatives and inventory accounting weighed on reported earnings, while downstream operations swung to a loss even as upstream segment earnings grew 4% year-on-year.
- The company returned $6 billion to shareholders, including $3.5 billion in dividends and $2.5 billion in buybacks, while global production declined slightly to 3.86 million barrels of oil equivalent per day due to Tengiz downtime.
- CEO Mike Wirth met with President Trump and other energy executives this Tuesday to discuss stabilizing oil markets amid continued shipping limitations through the Strait of Hormuz.
- Chief Financial Officer Eimear Bonner said Chevron anticipates about $1 billion of paper losses will reverse in the second quarter while reaffirming targets for at least 10% annual adjusted free cash flow growth through 2030.
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Crude Oil Down 3%; Chevron Posts Mixed Q1 Results - Crescent Biopharma (NASDAQ:CBIO), Chevron (NYSE:CVX)
Stocks traded mixed, with Dow down 0.1% but NASDAQ up 1.06%. Chevron reported mixed Q1 results. Esperion, Five9, Atlassian soared while Summit, Crescent, LendingTree fell.
·New York, United States
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Chevron Earnings Top Estimates While Refining Swings to Loss
Chevron beat first-quarter expectations as higher oil prices lifted upstream earnings, offsetting a sharp swing to losses in refining. Adjusted earnings came in at $1.41 per share, well above expectations. Upstream delivered $3.9 billion, up 4% year-on-year, as crude prices surged during the quarter. Brent spent much of the period moving higher on disruptions tied to the Iran conflict and the effective shutdown of flows through the Strait of Hor…
·London, United Kingdom
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Coverage Details
Total News Sources11
Leaning Left1Leaning Right1Center4Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 17%
C 67%
R 16%
Factuality
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