Chevron: EPS outpaces expectations in Q1

(CercleFinance.com) - Chevron has reported Q1 net income of 2.
65 billion dollars, against 3.64 billion dollars a year ago.
EPS fell 27% to 1.39 dollar, although this still beat the consensus by 11 cents.

“Upstream production volumes were up 7 percent from a year ago, primarily in the Permian Basin and at Wheatstone in Australia,” said Michael Wirth, Chevron's chairman of the board and chief executive officer.

While its production is still above 3 million boe/day, Chevron explains that the fall in earnings is due to lower prices for crude oil and lower margins downstream (refining-marketing), as well as in chemicals.



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