Chevron Q1 earnings drop but beat expectations

(Sharecast News) - Chevron posted better-than-expected first-quarter earnings on Friday as it benefited from higher prices of oil and natural gas.

First-quarter profit came in at $2.2bn, or $1.11 per share, down from $3.5bn or $2 per share in the same quarter a year earlier.

Adjusted earnings per share were $1.41 in Q1, down from $2.18 a year earlier but ahead of analysts' expectations of 95 cents.

Meanwhile, total revenues edged up to $48.61bn from $47.61bn.

Chairman and chief executive Mike Wirth said the company had delivered a "solid" performance despite heightened geopolitical volatility and related supply disruptions.

"Strong operating results in the United States, particularly following the integration of Hess, and continued growth in the Gulf of America and Permian Basin, drove higher production while maintaining financial flexibility," he said.

"Our US refineries operated at record crude throughput in March, capital spending remains within guidance, and our structural cost reductions are firmly on track. "This disciplined performance supports dependable cash generation, enabling us to continue returning significant capital to shareholders, while investing in advantaged long-lived assets."