Chevron (CVX) earnings Q1 2021 flip revenue

Staff throughout a press go to to the primary shale gasoline exploring web site began by Chevron in Pungesti, Romania, April 2014.

Mircea Restea | AFP | Getty Photographs

After a brutal yr for the vitality sector, Chevron reported a revenue for the primary quarter of 2021 as a restoration in oil costs boosted operations. The corporate’s outcomes have been nonetheless far beneath pre-pandemic ranges.

The oil big mentioned it earned an adjusted 90 cents per share through the interval, with income coming in at $32.03 billion. EPS was in-line with what analysts surveyed by Refinitiv have been anticipating, whereas income was barely forward of the anticipated $30.37 billion estimates.

Internet earnings stood at $1.377 billion, down 62% yr over yr. Final quarter, Chevron posted a $665 million loss.

“Earnings strengthened primarily as a consequence of larger oil costs because the financial system recovers,” Chairman and CEO Mike Wirth mentioned in a press release.

He famous that outcomes have been down from a yr earlier as a consequence of components together with downstream margin and quantity results from the pandemic, in addition to the aftermath of the winter storm that battered the South in February.

Chevron’s oil-equivalent manufacturing dropped 4% yr over yr to three.12 million barrels per day. The corporate’s upstream operations within the U.S. earned $941 million through the first quarter, up from $241 million a yr earlier as oil costs recovered. Chevron’s common gross sales worth per barrel of U.S. oil was $48, up from $37 a yr earlier.

Chevron mentioned it’ll increase its dividend by 4%, in one other signal that the corporate is recovering from the hit of the pandemic.

“We maintained capital self-discipline with capital spending down 43 p.c from final yr,” Wirth added.

Shares of Chevron dipped 2.1% throughout premarket buying and selling on Friday.

Exxon Mobil on Friday additionally mentioned it returned to profitability through the first quarter, beating top- and bottom-line estimates for the interval.

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