Chevron Beats Q1 Earnings Expectations
Chevron reported stronger-than-expected first-quarter earnings, driving its shares higher in premarket trading on Friday.
Earnings Beat, Revenue Miss
The energy company posted earnings per share (EPS) of $1.41, significantly above analyst expectations of $0.97. However, revenue came in at $48.61 billion, falling short of the $51.39 billion consensus forecast.
Following the results, Chevron shares gained more than 1% in premarket trading.
Cash Flow Declines Year-on-Year
Cash flow from operations dropped to $2.5 billion, compared to $5.2 billion in the same period last year. When excluding working capital, cash flow totaled $7.1 billion, slightly down from $7.6 billion year-over-year.
Oil Prices and Market Conditions
Chevron noted that Brent crude prices averaged $81 per barrel during the quarter, reflecting a volatile energy market environment.
CEO Highlights Resilience Amid Volatility
Chief Executive Officer Mike Wirth emphasized the company’s strong performance despite geopolitical challenges.
He stated that ongoing tensions in the Middle East have created supply disruptions, but Chevron’s diversified portfolio and disciplined execution continue to support stable results.
Wirth also highlighted the importance of maintaining operational safety and ensuring reliable energy supply in an increasingly uncertain global environment.
Production Growth Remains Strong
On the production side, Chevron delivered solid growth, with global output rising 15% year-over-year. U.S. production saw even stronger expansion, increasing by 24% compared to the previous year.
