Chevron posted slightly higher-than-expected earnings for the first quarter of 2024, with higher production offsetting low natural gas prices and weak refining margins.
Chevron Corporation NYSE CVX booked slightly higher earnings for the first quarter than analysts had expected, thanks to higher oil and gas production that offset part of the weaker refined product margins and low natural gas prices. Chevron reported on Friday earnings of $5.5 billion, or $2.97 per share, for the first quarter of 2024, down from $6.6 billion, or $3.46 per share, for the first quarter last year. Analysts had expected earnings per share of $2.92 for January to March 2024.
Chevron is vying additional large jump in production with the proposed acquisition of Hess Corporation in a $53-billion all-stock deal. Yesterday, Hess NYSE HES reported much higher-than-expected net income for the first quarter of 2024 amid soaring oil and gas output. Hess’s oil and gas net production jumped to 476,000 barrels of oil equivalent per day boepd, up by 27% from 374,000 boepd in the first quarter of 2023.
Output Chevron Earnings Natural Gas Natural Gas Prices Refined Products
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