Chevron Q1 Profit Tops Estimates

(RTTNews) - Chevron Corp. (CVX) said the company's first quarter earnings increased from a year ago primarily due to higher margins on refined product sales, partially offset by lower upstream realizations. Sales and other operating revenues declined primarily due to lower commodity prices. Worldwide net oil-equivalent production was down 3 percent primarily on lower international production due to the end of the Erawan concession in Thailand.

The company's bottom line totaled $6.57 billion, or $3.46 per share compared with $6.26 billion, or $3.22 per share, in last year's first quarter. Adjusted earnings per share increased to $3.55 from $3.36, prior year. Analysts on average had expected the company to earn $3.41 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Sales and other operating revenues declined to $48.84 billion from $52.31 billion, last year. Revenue fell 6.6% to $50.79 billion from $54.37 billion last year. Analysts on average had estimated $47.89 billion in revenue.

The company's Board of Directors declared a quarterly dividend of $1.51 per share, payable June 12, 2023, to all holders of common stock at the close of business on May 19, 2023.

Mike Wirth, Chevron's CEO, said: "The company's return on capital employed has been greater than 12 percent for seven consecutive quarters, and the company returned $6.6 billion to shareholders in the first quarter, an increase of 65 percent from last year."

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