Shares of Chevron (CVX) are down 6 cents at $82.23 after the company this morning announced Q1 revenue trailing estimates but turned in a 4-cent-better-than-expected profit.
Q1 revenue of $48.2 billion trailed the average $53.25 billion estimate, yielding profit per share of $1.98, ahead of the average $1.94 estimate.
Upstream earnings more than tripled to $4.7 billion, while downstream segment profit, hurt by “weak” margins, fell by 74%.
Net oil-equivalent production of 734,000 barrels per day rose by 9%, year over year.
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