Chevron (NYSE: CVX) reported Q1 EPS of $1.37, $0.58 better than the analyst estimate of $0.79. Revenue for the quarter came in at $32 billion versus the consensus estimate of $24.4 billion.

“First quarter earnings declined from a year ago due to sharply lower oil prices, which reduced revenue and earnings in our upstream business,” said Chairman and CEO John Watson. “Downstream operations were strong, benefitting from lower feedstock costs and improved refinery reliability.”

“We’re responding to the current price environment by capturing cost reductions, pacing new project approvals and further streamlining our portfolio as planned. We’re taking a number of deliberate actions to lower our cost structure, and I expect these efforts to increasingly show through in our financial results as the year progresses.”

“Production increased over 3 percent in the period, and we are hitting major milestones on our development projects under construction, like Gorgon and Wheatstone in Australia,” Watson added. “We remain on track to deliver significant cash flow and production growth by 2017.”

Recent upstream milestones include:

• Australia – Achieved introduction of fuel gas and start-up of the first gas turbine generator at the Gorgon LNG plant.
• Australia – Completed installation of Wheatstone platform topsides.
• Australia – Announced a natural gas discovery, Isosceles-1, in the Carnarvon Basin in 50 percent-owned Block WA-392-P.
• Bangladesh – Achieved first liquids from the Bibiyana Expansion Liquid Recovery Unit.
• United States – Announced a joint venture to explore and appraise 24 jointly held offshore leases in the northwest portion of Keathley Canyon in the deepwater Gulf of Mexico.
• United States – Ramped up oil-equivalent production at Jack/St. Malo in the deepwater Gulf of Mexico to more than 70,000 barrels per day.

“In the downstream, we continued to streamline our asset portfolio with the sale of our interest in Caltex Australia Limited,” Watson commented. “This sale is aligned with our previously-announced asset sales commitment.” Cash proceeds of $3.6 billion were received upon settlement on April 2, and a gain on sale of $1.6 billion will be reflected in second quarter 2015 results.

For earnings history and earnings-related data on Chevron (CVX) click here.