Weaker oil prices ate into Chevron Corp’s first-quarter profits, while the second-largest U.S. oil company also took a hit from downtime at two of its three biggest U.S. refineries.
First-quarter net income fell 4.5% to US$6.18-billion, or US$3.18 per share, from US$6.47-billion, or US$3.27 per share, a year earlier. Analysts had expected US$3.08 per share, according to the average on Thomson Reuters I/B/E/S, and shares of Chevron rose by 0.4% in premarket trading.
Shrinking British oil company BP Plc announced quarterly profit down a fifth from a year ago, after it sold assets in preparation for what could be its biggest oil spill payout when the case comes to trial later this month.
BP, the last of the big four western world oil companies to report fourth quarter figures, still beat expectations because of one-off taxes related to its divestments and liability payments, and its shares rose nearly 2%.
Total SA, Europe’s third-largest oil producer, said earnings fell 7 percent on losses from a cancelled Canadian oil sands project and lower output.
Profit excluding changes in inventories fell to 2.9-billion euros (US$3.8-billion) in the first quarter from 3.1-billion euros a year earlier, the Paris-based company said today in a statement. That’s in line with the 2.92 billion-euro average estimate of 14 analysts surveyed by Bloomberg.