Before the opening bell on Friday, Chevron (CVX ) reported a plunge in first quarter earnings due to lower oil prices. Despite its lower profits, the company managed to fly past analysts’ estimates.
CVX's Earnings in Brief
- The company reported earnings of $2.6 billion, or $1.37 per share, down significantly from $4.51 billion, or $2.36 per share, last year.
- Revenue dropped to $34.56 billion from $53.27 billion.
- Analysts expected revenues of $24.37 billion and EPS of 79 cents.
Chairman and CEO John Watson said: “First quarter earnings declined from a year ago due to sharply lower oil prices, which reduced revenue and earnings in our upstream business. Downstream operations were strong, benefitting from lower feedstock costs and improved refinery reliability.”
This week, CVX declared a dividend payout of $1.07, which is unchanged from its previous dividend. The next dividend will be paid on June 10 and will go ex-dividend on May 15.