Chevron Corporation reported a first-quarter profit that exceeded expectations for the second straight quarter, primarily driven by higher oil production volumes and crude prices above $80 per barrel. The company announced adjusted earnings per share of $2.93, slightly above the estimated $2.90, with total revenue reaching $48.72 billion, slightly below the forecast of $49.17 billion. Chevron's cash flow from operations was reported at $6.8 billion, against expectations of $7.78 billion. The company's upstream earnings were $5.24 billion, surpassing the estimated $5.12 billion. Additionally, Chevron returned $6 billion to shareholders and reported a worldwide production of 3,346 MBOE/D, higher than the estimated 3,328 MBOE/D. Despite these gains, Chevron's profit was impacted by lower refining margins and natural gas prices. Other energy companies like Equinor and Hess also reported strong first-quarter profits, while Exxon and Phillips 66 faced earnings misses due to weak margins.
Chevron beats estimates for first-quarter profit on oil production gains https://t.co/WxuHlhnFGV
$CVX (-0.5% pre) Chevron beats earnings estimates but profit falls on lower refining margins and natural gas prices - CNBC https://t.co/xV1SyLuGbp
Phillips 66 misses first-quarter profit estimates on weak margins https://t.co/3JpHTxX2fp https://t.co/GKkZDyF7Jq
Chevron $CVX earnings fall short while revenue tops estimates in Q1 https://t.co/0uIBNcmKLU https://t.co/gfVKWU0HkT
Phillips 66 misses first-quarter profit estimates on weak margins #oott https://t.co/2SZ3D6EGdz
Exxon earnings miss, hit by lower natural gas prices and squeezed refining margins https://t.co/pAvahC8Q4K
$CVX is a beat Chevron Exceeds Estimates on Oil-Output Gains Amid $80 Crude Chevron Corp. surpassed expectations for a second straight quarter as strong oil-production growth from recent acquisitions helped the company take advantage of crude prices above $80 a barrel.…
⚠️ CHEVRON REPORTS Q1 PROFIT BEAT Full Story → https://t.co/V3lVGzbSxQ Oil giant Chevron Corp beat estimates for first-quarter profit on Friday as higher production volumes helped offset an impact from weak natural gas prices.
Chevron beats earnings estimates but profit falls on lower refining margins and natural gas prices https://t.co/5LJfna1WBE
Chevron surpasses expectations for a second straight quarter, helped by strong oil-production growth and crude prices above $80 https://t.co/yxJjiVNcSg
$CVX | Chevron Q1 24 Earnings: - Adj EPS: $2.93 (est $2.90) - Revenue: $48.72B (est $49.17B) - Cash Flow From Operations $6.8B (est. $7.78B) - Upstream Earnings $5.24B (est. $5.12B) - Chevron Returned $6B Cash To Holders - Worldwide Production 3,346 MBOE/D (est. 3,328)
Chevron-target Hess reports Q1 profit beat on higher production #oott https://t.co/RZtrdxYoNR
Equinor Q1 profit beats forecast #oott https://t.co/zGfz9vW8Yc