Chevron (CVX) earnings fall short while revenue tops estimates in Q1
Chevron (NYSE: CVX) reported better-than-estimated revenue for the fiscal first quarter, though earnings fell short of analyst predictions.
The energy giant’s shares were up 0.2% in premarket trading Friday.
Chevron posted earnings per share (EPS) of $2.93, slightly missing the consensus estimates of $2.96.
The company's revenue for the quarter was $48.72 billion, surpassing the analyst forecast of $47.19 billion.
Meanwhile, Chevron's cash flow from operations stood at $6.8 billion, falling short of the expected $7.78 billion.
“We had another quarter of strong operational and financial performance and delivered superior cash returns to shareholders,” said Mike Wirth, Chevron’s chairman and CEO.
“U.S. production was up 35 percent from a year ago, and we continued to meet major project milestones.”
By Vahid Karaahmetovic