Chevron stock gains after beating Q1 profit forecasts

Investing.com -- Chevron reported better-than-expected earnings for the first quarter, pushing its shares higher in the premarket trading on Friday.

The energy giant posted earnings per share (EPS) of $1.41, exceeding analyst estimates of $0.97, though revenue came in at $48.61 billion, short of the $51.39 billion consensus.

Chveron shares rose more than 1% in the premarket trade.

Cash flow from operations (CFFO) fell to $2.5 billion from $5.2 billion a year earlier. Excluding working capital, CFFO was $7.1 billion, down from $7.6 billion year-on-year.

Brent crude prices averaged $81 per barrel in the quarter, Chevron 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,” said Mike Wirth, CEO of Chevron.

“We continue to closely monitor developments in the Middle East with a focus on the safety of our workforce and the integrity of our assets and operations,” Wirth concluded. “The unpredictable external environment reinforces the importance of disciplined investment to ensure reliable energy supply and global energy security.”

On the production side, worldwide output rose 15% year-on-year, with U.S. production up 24%.

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