Chevron Corporation (CVX) reported better than expected first-quarter earnings recently, with an adjusted EPS of 90 cents per share and revenue of $32.03 billion, ahead of $30.37 billion estimates. Net income stood at $1.377 billion, a 62% decrease year over year. Last quarter, Chevron posted a $665 million loss. Chevron’s oil-equivalent production reduced 4% year over year to 3.12 million barrels per day.
Earnings strengthened primarily due to higher oil prices as the economy recovers,” stated Chairman and CEO Mike Wirth.
The company’s upstream operations in the U.S. earned $941 million during the first quarter, up from $241 million a year earlier as oil prices recovered. Chevron’s average sales price per barrel of U.S. oil was $48, up from $37 a year earlier. The company also confirmed a raise of its dividend by 4%.
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Dow 30 component Chevron Corporation (CVX), through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. To learn more about Chevron (CVX) and to track their progress please visit the Vista Partners Chevron Page.