Chevron Profits Soar Past Forecasts
U.S.energy giant Chevron Corp. (CVX) reported a jump in its first-quarter 2011 profits, benefiting from higher oil prices and stronger refining margins. Earnings per share (excluding adjustments for foreign-currency effects) came in at $3.17, above the Zacks Consensus Estimate of $2.99 and the year-ago adjusted profit of $2.37. Following ExxonMobil Corp. (XOM) and Royal Dutch Shell plc (RDS.A), Chevron stepped up as the third member of ‘Big Oil’ to post solid results. The other two constituents of the exclusive group – ConocoPhillips (COP) and BP plc (BP) – have reported disappointing quarterly profits. Quarterly revenue rose 25.2% year-over-year (from $48,179.0 million to $60,341.0 million) and was 10.9% above our projection.
Upstream: Chevron’s total production of crude oil and natural gas decreased marginally (by 0.8%) from the year-earlier level to 2,760 thousand oil-equivalent barrels per day (MBOE/d), as volume gains in Brazil, Nigeria, Thailand and Canada were more thanComplete Story »