Chevron’s upstream strength lifts first-quarter earnings past estimate
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Chevron reported first-quarter adjusted earnings of $1.41 per share, surpassing Wall Street estimates of 95 cents, driven by higher oil prices linked to geopolitical tensions involving Iran. Despite the beat, net income fell to $2.2 billion, the lowest in five years, due to derivative-related timing effects and a downstream segment loss. The company maintained strong U.S. production and reaffirmed its long-term cash flow growth targets while continuing its share buyback and dividend programs.
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ShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountChevron CVX-N exceeded Wall Street estimates for its first-quarter earnings on Friday, as elevated oil prices linked to the U.S.-Israeli war on Iran helped boost results from its upstream business.The company reported adjusted earnings of US$1.41 per share, well above the consensus estimate of 95 US cents, according to data compiled by LSEG. Despite the strong beat, overall profit marked its lowest level in five years, partly due to unfavorable timing effects tied to financial derivatives.Chevron’s upstream segment, its largest business unit, generated US$3.9-billion in earnings, up 4 per cent year-on-year as higher oil prices led to increased revenue.“Despite heightened geopolitical volatility and related…
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