Chevron Corp. (NYSE: CVX) said on Friday that its revenue missed analysts’ estimates in the fiscal first quarter attributed to a hit from Winter Storm Uri and COVID-19 related disruptions. The company’s profit in Q1, however, topped expectations.
1. Financial performance
Chevron said that its net income in the first quarter printed at £990 million that translates to 51.78 pence per share. In the comparable quarter of last year, its net income stood at a much higher £2.59 billion, or £1.39 per share.
Adjusted for one-time items, the oil major earned 64.72 pence per share in Q1 versus the year-ago figure of 94 pence per share. Chevron generated £23.03 billion of total revenue in the recent quarter that represents a 1.7% annualised growth.
According to FactSet, experts had forecast the company to post £23.40 billion of revenue in the first quarter and 64 pence of earnings per share. In the prior quarter (Q4), Chevron’s financial performance was disappointing.
2. U.S. upstream and downstream operations
U.S. downstream operations, as per Chevron, recorded £93.48 million of loss, compared to £323.60 million last year. The American multinational blamed lower demand for jet fuel, gasoline, for the loss that resulted in a 9% decline in refined product sales and refinery crude oil input.
Upstream operations, on the other hand, earned £676.68 million in the U.S. – an increase from £173.30 million a year ago. Chevron reported a 4% decline in its quarterly oil-equivalent production on Friday. The average per-barrel sales price for oil in the U.S. stood at £34.52.
In separate news from the U.S., Newell Brands said it swung to a loss in its recent quarter on Friday.