TheStreet's Martin Baccardax noted that Chevron said adjusted earnings for the three months ending in March came in at 90 cents per share, down 30.2% from the same period last year but largely in-line with the Street consensus forecast. Group sales, the company said, slipped 1.6% from last year to $31 billion but topped analysts estimates of a $30.36 billion tally. Worldwide net production fell 4% from last year, Chevron said.
“Earnings strengthened primarily due to higher oil prices as the economy recovers,” said CEO Mike Wirth. “Results were down from a year ago due in part to ongoing downstream margin and volume effects resulting from the pandemic and the impacts of winter storm Uri.”
Baccardax noted that the oil company said adjusted earnings for the three months ending in March were pegged at 64 cents per share, up from a 14 cents per share loss from the same period last year and 5 cents ahead of the Street consensus forecast. Group revenues, Exxon said, rose 5.3% to $59.15 billion, topping analysts estimates of $54.6 billion.
“The strong first-quarter results reflect the benefits of higher commodity prices and our focus on structural cost reductions while prioritizing investments in assets with a low cost of supply,” said CEO Darren Woods “Cash flow from operating activities during the quarter fully covered the dividend and capital investments, and we strengthened the balance sheet by reducing debt."
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