Chevron beats earnings estimates but profit falls on lower refining margins and natural gas prices [CNBC]
PDC Energy, Inc. (PDCE)
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Source: CNBC
The oil major's net income declined 16% to $5.5 billion, or 2.97 per share, compared with the same quarter a year ago. Excluding one-time items, Chevron reported earnings of $2.93 per share, which beat Wall Street estimates. Chevron attributed declining profits to lower sales margins at its refineries and lower natural gas prices eating into profits in international production. Oil prices have gained more than 15% this year and gasoline futures are up 31%, but the rally did little to lift profits given trouble elsewhere in the energy industry. Natural gas prices have plummeted 35% this year due to a supply glut. Retail and distribution margins for gasoline, or the difference between the retail and refining prices, were also lower in February and March compared with the same period last year, according to the Energy Information Administration. Here is what Chevron reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG
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