Another day, another chance to talk oil.
Let's start by talking about Chevron.
Chevron said diluted earnings for the three months ending in March came in at $1.93 per share, a 38.8% increase from the same period last year that included some one-time items that pushed it well ahead of the Street consensus forecast of 68 per share. Group revenues, the company said, fell 14.8% to $30 billion, but again topped analysts' estimates of a $29.4 billion tally.
“First quarter earnings were up from a year ago,” said CEO Michael Wirth “driven by downstream margins and increased Permian production. However, commodity prices fell significantly in March and the weakness continued into the second quarter, primarily due to reduced demand resulting from the COVID-19 pandemic.”
Then there's Exxon.
Exxon said its loss for the three months ending in March was pegged at 14 cents per share, a massive swing from last year's 55 cent per share tally and well shy of a breakeven Street consensus forecast. Group revenues, Exxon said, fell 11.7% to $56.16 billion but topped analysts' estimates of $51.85 billion.
“COVID-19 has significantly impacted near-term demand, resulting in oversupplied markets and unprecedented pressure on commodity prices and margins,” said CEO Darren Woods. “While we manage through these challenging times, we are not losing sight of the long-term fundamentals that drive our business. Economic activity will return, and populations and standards of living will increase, which will in turn drive demand for our products and a recovery of the industry.”
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