- Chevron’s profit declined more than 30% compared with the same quarter in 2024 as oil prices have sold off steeply.
Chevron stock fell on Friday as the oil major’s profit declined on the steep decline in oil prices this years.
Chevron’s net income declined more than 30% to $3.5 billion, 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.
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
- Revenue: $47.61 billion vs. $48.09 billion expected
U.S. crude oil prices have fallen about 18% this year as President Donald Trump’s tariffs are expected to weigh on demand at the same time OPEC+ plans to pump more supply into the market.
Capital expenditures declined about 5% to $3.9 billion, down from $4.1 billion one year ago.
The company returned $6.9 billion to shareholders, including $3 billion in dividends and $3.9 billion in share repurchases.
This is developing story. Please check back for updates.
