Chevron Q1 Adj. EPS Meets Estimates, Revenues Top - Quick Facts

(RTTNews) - Chevron Corp. (CVX) reported Friday that first-quarter net income attributable to Chevron plunged to $1.38 billion or $0.72 per share from $3.60 billion or $1.93 per share in the year-ago quarter.

The latest quarter's results include pension settlement costs and legal reserves totaling $351 million. Foreign currency effects also decreased earnings by $2 million.

Excluding special items, adjusted earnings were $0.90 per share, compared to $1.31 per share in the prior-year quarter.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.90 per share for the quarter. Analysts' estimates typically exclude special items.

However, total revenues and other income for the quarter increased to $32.03 billion from $31.50 billion in the same quarter last year. The Street was looking for revenues of $30.37 billion for the quarter.

The company said results were down from a year ago due in part to ongoing downstream margin and volume effects resulting from the pandemic and the impacts of winter storm Uri.

Chevron's worldwide net oil-equivalent production was 3.12 million barrels per day in the quarter, down 9 percent from 3.24 million barrels per day a year ago.

Chevron's upstream segment earnings decreased to $2.35 billion from $2.92 billion last year and its downstream segment earnings plunged to $5 million from $1.10 billion in the year-ago quarter.

On Wednesday, the Board of Directors of Chevron declared a 4 percent higher quarterly dividend of $1.34 per share, payable June 10, 2021, to all holders of common stock as shown on the transfer records of the Corporation at the close of business May 19, 2021.