Chevron Reports Mixed Q1, Beats EPS By $0.05, Revenue Up 23% But Huge Miss

Chevron Reports Mixed Q1, Beats EPS By $0.05, Revenue Up 23% But Huge Miss



Apr 29, 2011

Chevron (NYSE:CVX) reported Q1 EPS of $3.09 today, just above the consensus estimate for $3.04 per share. Revenue for the quarter was up 23.4%% year-over-year to $58.41 billion, well below the consensus estimate for $66.62 billion.

Chairman and CEO John Watson said, "Our first quarter financial performance was strong. Current quarter earnings from upstream operations benefited from higher prices for crude oil, while downstream operations benefited from improved margins on refined petroleum products. We continue to operate safely, advance our major capital projects and restructure our downstream portfolio."