Daily Management Review

Chevron lowers net profit to $ 2.6 billion in Q1


American oil and gas giant Chevron made a profit of $ 2.642 billion in the first quarter of 2019, which is 27.8% less than in the same period of 2018, the company said.

The profit attributable to the parent company decreased by 27.2% compared with January-March last year, amounting to $ 2.649 billion. Earnings per share amounted to $ 1.39 against $ 1.9 for the same period of 2018.

The company's total revenue declined by 6.8%, to $ 35.2 billion.

At the same time, Chevron increased oil production by 6.5%, to 3.038 million barrels of oil equivalent per day, in the first quarter. The average selling price of a barrel of oil equivalent in the first quarter of 2019 was $ 48 versus $ 56 in January-March 2018, and in international markets it was $ 58 versus $ 61 in the same quarter last year.

In the exploration and production segment, the company made a profit of $ 3,123 billion, which is 6.8% less than a year ago. In the field of processing and sales profit was $ 252 million (a decrease of three times).

"Profit for the first quarter fell mainly due to lower crude oil prices and a weaker margin in the refining and chemicals sectors," said Michael Wirth, Head of Chevron.

Chevron is the second largest US oil and gas company. The corporation operates in more than 180 countries.

source: reuters.com