UPDATE: Chevron (CVX) Tops Q1 EPS by 9c, Revenues Miss

(Updated - Guidance)

Chevron (NYSE: CVX) reported Q1 EPS of $1.39, $0.10 better than the analyst estimate of $1.30. Revenue for the quarter came in at $35.2 billion versus the consensus estimate of $38.42 billion.“Upstream production volumes were up 7 percent from a year ago, primarily in the Permian Basin and at Wheatstone in Australia. The company’s net oil-equivalent production exceeded 3 million barrels per day for the second quarter in a row. First quarter earnings declined from a year ago, largely due to lower crude oil prices and weaker downstream and chemicals margins,” said Michael Wirth, Chevron’s chairman of the board and chief executive officer.

“We continue to high-grade our portfolio,” Wirth added. “In the first quarter we sold our interests in the Rosebank field in the United Kingdom and the Frade field in Brazil. In early April we concluded the sale of our upstream interests in Denmark.”

For earnings history and earnings-related data on Chevron (CVX) click here.

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