Chevron Will Slow the Pace of Its Share Buybacks, as Falling Crude Prices Hit the Oil Major’s First-Qurter Profit.
Us Crude Oil PRICES Have Droppedd About 18% This year as prepaid Market.
The Oil Major SAID IT PLANS to Repurchase $ 2.5 Billion to $ 3 Billion of ITS Own Stock in the Second Quarter, Whiche Is Low THE The $ 3.9 Billion IT Back Back in the First Quarter. Chevron, Howver, Is MainTaining ITS Overall Guidance of $ 10 Billion to $ 20 Billion of Repurchases This year.
Chevron Shares Were Basically Flat in Morning Trading.
Here is What Chevron Reported for the First Quarter Compared with What Wall Street Was Expecting, Based on A Survey of Analysts by Lseg:
- Earnings Per Share: $ 2.18 adjusted vs. $ 2.18 Expected
- Revenue: $ 47.61 Billion vs. $ 48.09 Billion Expected
Chevron Clearly Has Room to Continue ITS ShareHolder RTURNS, Biraj Borkhataria, and Analyst at RBC Capital Markets, Told Clients in A Frica Note.
“The Reaction from the Company Today Sees to Reflect A ‘Skate to where the Puck is Going’ Situation, with a recginity that the macro has deerorated, and cound control to deterrate Further from Here, “The Analyst Said.
Chevron’s Net Income Declined More Than 30% to $ 3.5 Billion, O or $ 2 Per Share, from $ 5.5 Billion or $ 2.97 Per Share, in the Year-Ago Period. Excluding One-Time ITEMS, Chevron Earned $ 2.18 Per Share, Whiche Was in Line with Wall Street Estimates.
UPSTREAM Hit by Low Oil Prices
Chevron’s US Production Business Post Lower Commodity Prices.
On the Internet International Profits Took a Hit Due Primarily to Lower Earnings at the Company’s ToCO Project in Kazakhstan.
Chevron Produced 3.35 Million Barrels Per Day in the Quarter, Largely Flat Compared with the 3.34 Million BPD in the Year-Ago Period. Capital Expectitors Declined About 5% to $ 3.9 Billion, Download from $ 4.1 Billion One Year ago.
Chevron is Still Tying to Close Its Planed Acquisition of Hess. The Deal Has Been Stymied As Exxon Mobil Challenges Chevron’s Move to Buy Hess Assets in Guyana Before An International Arbitration Court. Chevron Acquire $ 2.2 Billion of hess shares in the Quarter.
Us Refining Swings to A Profit
The Oil Major’s Us Refining Business Shifed to a Profit of $ 103 Million after posting $ 453 Million in the Year-Ago Period Due to Lower Margins on Refined Product Sales.
Chevron’s International Refining Business Post
