Chevron profit falls 27 per cent on lower oil prices, Anadarko deal in focus GlobeBusiness
Chevron Corp.’s first-quarter profit fell 27 per cent from a year earlier due to lower crude oil prices and weaker margins in its refining and chemicals businesses, but topped forecasts and signalled it is committed to buying smaller rival Anadarko Petroleum Corp.
Chevron’s oil and gas production rose during the quarter, and profits in its U.S. exploration business jumped 15 per cent from a year earlier. But weakness in refining and international exploration knocked overall profit down 27 per cent on a 6.8 per cent decline in revenue.“Earnings declined from a year ago largely due to lower crude oil prices and weaker downstream and chemicals margins,” Chevron chief executive officer Michael Wirth said.
Although earnings topped Wall Street’s consensus, investors are focused on the takeover battle for Anadarko, wrote analysts at Edward Jones. The brokerage firm rates Chevron a buy. Chevron’s daily production of oil and gas rose to 3.04 billion of barrels, from 2.85 billions of barrels in the year-ago period. But the price for each barrel of U.S. crude oil and natural gas liquids fell to $48 from $56 a year earlier. Chevron’s take from international output, slipped to $58 per barrel from $61 a year earlier.
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