Chevron Tops Q1 Views

reported better-than-expected earnings for the first quarter on Friday. The San Ramon, California-based company posted quarterly earnings of $2.57 billion, or $1.37 per share, compared to $4.51 billion, or $2.36 per share, in the year-ago quarter. The company said foreign currency effects lifted latest quarter earnings by $580 million, versus a decline of $79 million in the year-ago quarter. Its total revenue fell to $34.56 billion versus $53.27 billion, while sales and other operating revenue dropped to $32 billion from $51 billion. However, analysts were expecting a profit of $0.79 per share on revenue of $24.37 billion. The average estimate among 16 Estimize users was for earnings of $0.79 per share and revenue of $21.74 billion. The company's capital expenditures shrank to $8.6 billion versus $9.4 billion. Worldwide net oil-equivalent production climbed to 2.68 million barrels per day, versus 2.59 million barrels per day in the year-ago quarter. Downstream segment earnings climbed to $1.42 billion versus $710 million, while upstream segment earnings slipped to $1.56 billion from $4.31 billion. Cash flow from operations slipped to $2.3 billion in first quarter, versus $8.4 billion in the year-ago period. "First quarter earnings declined from a year ago due to sharply lower oil prices, which reduced revenue and earnings in our upstream business," said Chairman and CEO John Watson. "Downstream operations were strong, benefitting from lower feedstock costs and improved refinery reliability." Chevron shares rose 0.38 percent to $111.48 in pre-market trading.