Shares of Chevron Corp. (CVX) slipped 0.2% in premarket trading Friday, after the oil and gas giant reported first-quarter profit rose nearly four-fold but missed expectations, while revenue rose well above forecasts as oil and gas prices soared. Net income rose to $6.26 billion, or $3.22 a share, from $1.38 billion, or 72 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share increased to $3.36 from 90 cents, but was below the FactSet consensus of $3.41. Revenue soared 69.8% to $54.37 billion, beating the FactSet consensus of $51.14 billion. Average sales price per barrel of crude oil and natural gas liquids rose 60.4% to $77, while the average sales price of natural gas jumped 90.7% to $4.10 per thousand cubic feet. Worldwide net oil-equivalent production was $3.06 million barrels per say, as U.S. domestic production increased 10% while international production fell 8%. Cash flow from operations nearly doubled to $8.1 billion, from $4.2 billion last year. The stock soared 37.9% year to date through Thursday, while the Dow Jones Industrial Average fell 6.7%.
(END) Dow Jones Newswires
April 29, 2022 06:36 ET (10:36 GMT)
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