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Chevron's Strategic Advances In Oil Production Overshadowed By Q1 Revenue Miss
Oil giant Chevron Corp (NYSE:CVX) reported first-quarter 2024 total revenues and other income of $48.716 billion, a decline of 4.1% year-over-year, missing the consensus of $50.661 billion.
Sales and other operating revenues fell to $46.58 billion from $48.84 billion a year ago.
Worldwide net oil-equivalent production rose to 3,346 MBOED from 2,979 MBOED a year ago, primarily due to the acquisition of PDC and strong operational performance in the Permian and DJ Basins.
Adjusted net earnings were $5.42 billion, with Adjusted EPS being $2.93 (down from $3.55 YoY) in the quarter, beating the consensus of $2.87.
U.S. Upstream reported ...