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4/26/2019, 2:32 PM (Source: TeleTrader)
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Chevron-2.46%

76.29
Chart for: Chevron Corporation

Chevron's EPS drops 26.8% to $1.39 in Q1

Chevron Corp. reported on Friday a 26.84% decrease in earnings per share (EPS) in the first quarter of 2019 compared to the same period a year ago. Total revenues dropped 6.79% at the same time to arrive at $35.2 billion.

The energy company had a total net income of $2.64 billion, which is 27.8% less annually. Net cash from operating activities rose from $5 billion to $5.1 billion in the same period, according to the financial release.

CEO of the company Michael Wirth noted: "Upstream production volumes were up 7 percent from a year ago, primarily in the Permian Basin and at Wheatstone in Australia. The company’s net oil-equivalent production exceeded 3 million barrels per day for the second quarter in a row. First quarter earnings declined from a year ago, largely due to lower crude oil prices and weaker downstream and chemicals margins."

Shares were down 0.21% in premarket trade as the results were out.

Breaking the News / NI