Chevron inventory fell on Friday because the oil main’s revenue declined on the steep decline in oil costs this years.
The oil main plans to repurchase $2.5 billion to $3 billion within the second quarter, in comparison with $3.9 billion within the first quarter.
Chevron’s internet earnings declined greater than 30% to $3.5 billion, or $2 per share, from $5.5 billion or $2.97 per share, within the year-ago interval. Excluding one-time gadgets, Chevron earned $2.18 per share, which was in step with Wall Avenue estimates.
Here’s what Chevron reported for the primary quarter in contrast with what Wall Avenue was anticipating, based mostly on a survey of analysts by LSEG:
- Earnings per share: $2.18 adjusted, vs. $2.18 anticipated.
- Income: $47.61 billion vs. $48.09 billion anticipated
U.S. crude oil costs have fallen about 18% this 12 months as President Donald Trump’s tariffs are anticipated to weigh on demand on the identical time OPEC+ plans to pump extra provide into the market.
Chevron’s U.S. manufacturing enterprise posted a revenue of $1.86 billion, a decline of greater than 10% from $2.08 billion within the year-ago interval on increased working bills and decrease commodity costs.
The oil main’s U.S. refining enterprise swung to a revenue of $103 million after posting a lack of $348 million within the fourth quarter of 2024. The segments earnings, nonetheless, declined 77% from $453 million within the year-ago on account of decrease margins on refined product gross sales.
Chevron’s produced 3.35 million barrels per day within the quarter, largely flat in comparison with 3.34 million bpd within the year-ago interval.
Capital expenditures declined about 5% to $3.9 billion, down from $4.1 billion one 12 months in the past.
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