4/27/2018, 2:40 PM (Source: TeleTrader)
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Chart for: Chevron Corp

Chevron reports 35% rise in net income to $3.6B in Q1

American energy company Chevron Corporation reported on Friday its diluted earnings per share came in at $1.90 for the first quarter of 2018, or $3.6 billion in net income, a 35% increase year over year and well above analysts' projections.

Meanwhile, sales and other operating revenues in the same period amounted to $36 billion, up from last year's $32 billion, indicating the company's profits are improving as the oil market balances out. Shares of the oil producer jumped 1.74% in pre-market trading following the release of the financial update. Revenue came in below predictions at $37.76 billion compared to $33.42 billion in the year-ago period.

"First quarter earnings and cash flow improved significantly from a year ago," chief executive officer at Chevron Michael Wirth said, adding that the company "benefited from growing production and higher prices."

Breaking the News / JC