Join        Login             Stock Quote

Chevron (CVX) Drops After Q1 Revenue Misses Street, Lower Production

 April 27, 2012 09:19 AM

(By Balaseshan) Chevron Corp. (NYSE:CVX), the second-largest oil company in the United States, reported a 4.2% increase in first quarter earnings helped by a 12% growth in average benchmark oil prices despite a decline in oil and gas production. Though earnings came in above Street's expectations, revenue missed consensus, sending its shares down 0.21% in premarket.

Earnings for the first quarter were $6.47 billion or $3.27 per share, up from $6.21 million or $3.09 per share last year.

Total revenue and other income increased to $60.71 billion from $60.34 billion. Analysts had expected a profit of $3.26 per share on revenue of $72.42 billion.

[Related -9 Stocks That Have Paid Dividends For Over 100 Years]

Sales and other operating revenue increased to $58.90 billion from $58.41 billion, while income from equity affiliates rose to $1.71 billion from $1.69 billion. Other income declined to $100 million from $242 million.

Worldwide net oil-equivalent production declined to 2.63 million barrels per day from 2.76 million barrels per day, as normal field declines, maintenance-related downtime and dispositions weighted more than the production increase from project ramp-ups in Thailand and the United States.

The company's average sales price per barrel of crude oil and natural gas liquids grew to $102 from $89. The average sales price of natural gas was $2.48 per thousand cubic feet, down from $4.04 in last year.

Net oil-equivalent production in the United States declined 6% to 651,000 barrels per day, associated with normal field declines and an absence of volumes associated with the Cook Inlet, Alaska, asset sale in 2011. Partially offsetting this decrease was further ramp-up at the Perdido project in the Gulf of Mexico.

[Related -Chevron (CVX): The Second Biggest Oil Seeker Joins The Dividend Yield Passive Income Portfolio]

The net liquids component of oil-equivalent production in the U.S. decreased 5% to 456,000 barrels per day, while net natural gas production in U.S. decreased 8% to 1.17 billion cubic feet per day.

Refinery crude oil input increased 47,000 barrels per day to 926,000 barrels per day. Refined product sales decreased 41,000 barrels per day to 1.24 million barrels per day, mainly due to lower residual fuel oil and gasoline sales. Branded gasoline sales were essentially flat with a year ago.

CVX closed Thursday's regular session at $106.22. The stock has been trading between $86.68 and $112.28 for the past 52 weeks.



Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageOversold Airline Ready For A Quick Rebound

Trading countertrend moves can be profitable but risky, so it pays to line up as many factors as possible read on...

article imageWhat Is Your Sell Criteria?

Every stock market cycle has its darlings—the stocks investors believe can do no wrong.  I remember 1999 read on...

article imageUS Employment Growth Continued To Slow In April

Company payrolls increased by a lower-than-expected 171,000 last month, the US Labor Department reports–the read on...

article imageMake America Great Again

Our weekly commentaries provide Euro Pacific Capital's latest thinking on developments in the global read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.