Chevron's first quarter results fell, exceeded estimate

The actual and estimated performances of Chevron

Chevron (CVX) released its first quarter results on April 26. In the first quarter, Chevron's revenue of $ 35.2 billion was not estimated by analysts. In the first quarter, Chevron adjusted EPS was $ 1.39, about 7% lower than analysts' estimate of EPS. However, adjusted Chevron EPS was approximately 27% lower than adjusted EPS in the first quarter of 2018.

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Examination of Chevron results

In the first quarter, adjusted Chevron earnings increased from $ 3.6 billion in the first quarter of 2018 to $ 2.8 billion in the first quarter. Profits declined one year on the other due to lower earnings upstream and downstream.

Adjusted Chevron earnings up 2% from the first quarter of 2018 to $ 3.3 billion in the first quarter. Upstream earnings dropped due to lower realizations. The decrease was partially offset by higher volumes. Chevron production increased due to higher volumes of Wheatstone and Permian Basin. Chevron production increased 7 percent year-over-year to 3.04 million barrels of oil equivalent per day in the first quarter.

Adjusted Chevron downstream earnings increased from $ 0.7 billion in the first quarter of 2018 to $ 0.2 billion in the first quarter due to lower downstream margins and chemicals.

Peer performance

Royal Dutch Shell (RDS.A) and BP (BP) are expected to post a lower EPS of 18% and 15% in the first quarter, compared to the first quarter of 2018. Suncor Energy (SU) and Petrobras (PBR) are expected to record lower EPS. 15% year-over-year and 31% year-on-year in the first quarter.