4/30, 12:38 PM (Source: TeleTrader)
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Chart for: Chevron Corp

Chevron swings to profit in Q1, earnings down 62%

American energy company Chevron Corporation announced on Friday its revenue in the first quarter of 2021 was $32.03 billion, missing analyst expectations. However, the company swung to profit for the first time in a year with earnings of $1.4 billion, a figure that is 62% lower compared to the first quarter of 2020.

According to the update, Chevron's downstream earnings were $5 million during the quarter, while upstream earnings landed at $2.35 billion. The company's CEO Mike Wirth said Chevron's results came in lower than in the first quarter of 2020 "due in part to ongoing downstream margin and volume effects resulting from the pandemic and the impacts of winter storm Uri."

Shares of Chevron sank 1.98% to $104.78 in premarket trading following the release of its earnings.

Breaking the News / JC