Elevate your local knowledge
Sign up for the iNFOnews newsletter today!
Chevron revenue, profit slips on flat production and lower oil prices
Chevron says its net income fell 5 per cent in the first quarter as oil prices slipped.
Chevron Corp., based in San Ramon, Calif., reported that net income fell to $6.2 billion, or $3.18 per share, on revenue of $56.8 billion. Last year the company earned $6.5 billion, or $3.27 per share, on revenue of $60.7 billion.
Analysts expected Chevron to earn $3.09 per share.
Production of oil and gas rose slightly in the quarter, but revenue and profit fell because of lower oil prices. Chevron’s average sale price for a barrel of oil slipped to $94 from $102 last year in the U.S., and to $102 from $110 abroad.
Performance at Chevron’s refining operations also slipped because of maintenance and upgrades at two U.S. refineries.
News from © The Associated Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Join the Conversation!
Want to share your thoughts, add context, or connect with others in your community?
You must be logged in to post a comment.
