Chevron Corporation (NYSE:CVX) reported mixed first-quarter results, with earnings reflecting ongoing cost pressures and market headwinds across its operations.
The company posted earnings of $2.2 billion, or $1.11 per share, down from $3.5 billion a year earlier.
Adjusted EPS of $1.41 beat the $0.95 estimate, while revenue of $48.61 billion missed the $52.08 billion estimate.
Earnings Drivers And Headwinds
Results included a $360 million legal reserve loss and a $223 million foreign currency loss. Earnings were also affected by $2.9 billion in unfavorable timing impacts tied to derivatives and inventory accounting.
Chairman and CEO Mike Wirth said: “Despite heightened geopolitical volatility and related supply disruptions, Chevron delivered solid first quarter performance, underscoring the resilience of our portfolio and the value of disciplined execution.”
Production And Upstream Strength
Global production increased to 3.858 million barrels per day from 3.353 million, supported by the Hess acquisition and growth in the Gulf of America and Permian Basin.
U.S. …