Chevron: Q1 earnings above expectations
(CercleFinance.com) - Chevron has reported Q1 2018 net profit of 3.
6 billion dollars for the first quarter of 2018, against 2.7 billion dollars a year earlier.
EPS reached 1.90 dollar, while the consensus was only looking for 1.47 dollar.
This improvement reflects a contribution from the upstream division (exploration and production), which more than doubled, while that of downstream (refining and marketing) fell by 20%. At 36 billion dollars, sales were up 12%.
Chairman and CEO Michael Wirth said that the group's oil and gas production is growing, particularly at the Gorgon and Wheatstone LNG projects in Australia, and our shale developments in the Permian Basin, where production has climbed 65% in one year.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
6 billion dollars for the first quarter of 2018, against 2.7 billion dollars a year earlier.
EPS reached 1.90 dollar, while the consensus was only looking for 1.47 dollar.
This improvement reflects a contribution from the upstream division (exploration and production), which more than doubled, while that of downstream (refining and marketing) fell by 20%. At 36 billion dollars, sales were up 12%.
Chairman and CEO Michael Wirth said that the group's oil and gas production is growing, particularly at the Gorgon and Wheatstone LNG projects in Australia, and our shale developments in the Permian Basin, where production has climbed 65% in one year.
Copyright (c) 2018 CercleFinance.com. All rights reserved.