MOSCOW (MRC) -- Chevron reported mixed quarterly results on Friday, as the oil giant reported a bigger-than-expected quarterly earnings loss but beat estimates on revenue. The oil company posted first-quarter loss of 39 cents, compared to USD1.37 earnings per diluted share in the year-earlier period, said CNBC.
Revenue for the quarter came in at USD23.55 billion, against the comparable year-ago figure of USD34.56 billion.
"First quarter results declined from a year ago," John Watson, Chevron's chairman and CEO, said in a statement. "Our Upstream business was impacted by a more than 35 percent decline in crude oil prices. Our Downstream operations continued to perform well, although overall industry conditions and margins this quarter were weaker than a year ago."
Chevron's downstream segment fell USD688 million for the quarter year over year, while its upstream segment posted a loss of USD1.46 billion for the quarter. He also said "our efforts are focused on improving free cash flow."
The company's stock closed down 0.21 percent. Analysts expected Chevron to report a loss of 20 cents per share on USD21.43 billion in revenue, according to Thomson Reuters consensus estimates.
As MRC informed earlier, ethylene unit 1592 at Chevron Phillips Chemical's Cedar Bayou, Texas, plant tripped on April 2, because of a loss of boiler feedwater to the furnace area. Operators restarted the furnaces within minutes, according to a Texas Commission on Environmental Quality report. Benzene, butane, ethylene, propane, propylene, toluene and xylenes were routed to the flare.
Chevron Phillips Chemical, headquartered in The Woodlands, Texas (north of Houston), US,l is one of the world’s top producers of olefins and polyolefins and a leading supplier of aromatics, alpha olefins, styrenics, specialty chemicals, piping, and proprietary plastics. Chevron and Phillips 66 each own 50% of Chevron Phillips Chemical.
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