Integrated energy company Chevron Corp. (CVX) posted lower first-quarter net income attributable to the company of $6.18 billion, or $3.18 per share, versus $6.47 billion, or $3.27 per share, in the year-ago quarter. On average, 21 analysts polled by Thomson Reuters expected earnings per share of $3.07 for the quarter. Analysts' estimates typically exclude one-time items.
Including excise, value-added and similar taxes, the firm clocked sales and other operating revenues of $54.3 billion, down from last year's $59 billion, mainly due to lower prices for crude oil. Also, total revenues and other income slid to $56.82 billion, from the prior year's $60.705 billion. Analysts estimated revenues of $67.73 billion for the quarter.
During the first quarter of 2013, quarterly U.S. upstream earnings were $1.13 billion, down $397 million year-on-year, due mainly to lower crude oil realizations and higher operating expenses. U.S. downstream operations fell to $135 million, from $459 million a year earlier, on higher operating expenses mainly as a result of turnaround activity at the refineries in El Segundo, California, and Pascagoula, Mississippi, as well as lower margins on refined product sales. The decline was partly offset by higher earnings from the 50 percent-owned Chevron Phillips Chemical Company LLC.
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