{"id":43980,"date":"2013-04-27T08:21:00","date_gmt":"2013-04-27T08:21:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/chevron-misses-q1-revenue-estimate-but-earnings-beat-expectations-cvx\/43979\/"},"modified":"2013-04-27T08:21:00","modified_gmt":"2013-04-27T08:21:00","slug":"chevron-misses-q1-revenue-estimate-but-earnings-beat-expectations-cvx","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/chevron-misses-q1-revenue-estimate-but-earnings-beat-expectations-cvx\/43980\/","title":{"rendered":"Chevron Misses Q1 Revenue Estimate but Earnings Beat Expectations (CVX)"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p>Weakness in oil prices amid global macroeconomic uncertainty and drop in refinery input, to a some extent, put pressure on Chevron Corp.\u2019s (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=CVX\" target=\"_blank\" rel=\"noopener\">NYSE: CVX<\/a>) fiscal first-quarter results with revenue falling short of the Street\u2019s estimate.<\/p>\n<p><span id=\"more-43980\"><\/span><\/p>\n<p>However, the energy giant handed better than expected earnings.<\/p>\n<p>For the quarter, Chevron Corp reported non-GAAP\/adjusted earnings of $3.18 a share compared to $3.27 a share, in the same quarter of last year. Revenue during the quarter contracted to $56.82 billion from $60.71 billion, in the year-earlier quarter. Revenue was impacted due to wild fluctuations in crude oil prices and problems arising from its refinery in California.<\/p>\n<p>Analysts\u2019 consensus estimate was for earnings of $3.05 a share on revenue of $67.73 billion, according to a data compiled by Thomson Reuters.<\/p>\n<p>The Company reported oil production of 2.65 million barrels per day during the fiscal first quarter, which was a tad higher than year earlier production of 2.63 million barrels per day.<\/p>\n<p>The Company\u2019s earnings were hit due to sharp drop in refining and marketing, which slumped by 350,000 barrels per day to 576 barrels per day. The Company attributed this to shuttering of refinery in California. Besides, Chevron top line was also hit due to lesser money made from its oil and gas production business, which was at $1.13 billion.<\/p>\n<p>The Company also announced an 11.1% increase in its quarterly dividend.<\/p>\n<p>&#8220;Our consistent financial performance has enabled us to significantly increase the dividend again, and fund major development projects that are the foundation of the company&#8217;s future growth in production, earnings and cash flows,&#8221; said Chevron chairman and CEO John Watson in a statement.<\/p>\n<p>Shares ended 1.29% higher on Friday at $120.04.<\/p>\n<div class=\"nr_clear\"><\/div>\n<div id=\"nrelate_popular_2\" class=\"nrelate nrelate_popular nrelate_default nr_1col nr_text\"><\/div>\n<p>\t<!--[if IE 6]>\n\t\t<script type=\"text\/javascript\">jQuery('.nrelate_default').removeClass('nrelate_default');<\/script>\n\t<![endif]--><\/p>\n<p>\t<script type=\"text\/javascript\">\n\t\/* <![CDATA[ *\/\n\t\tnRelate.domain = \"www2.thestockmarketwatch.com%2Fstock-market-news\";\n\t\tvar entity_decoded_nr_mp_url = jQuery('<span\/>').html(\"https:\/\/web.archive.org\/web\/20130429180206\/http:\/\/api.nrelate.com\/mpw_wp\/0.51.4\/?tag=nrelate_popular&domain=www2.thestockmarketwatch.com%2Fstock-market-news&url=http%3A%2F%2Fwww2.thestockmarketwatch.com%2Fstock-market-news%2Fchevron-misses-q1-revenue-estimate-but-earnings-beat-expectations-cvx%2F43980&nr_div_number=2&maxageposts=7200&increment=1\").text();\n\t\tnRelate.getNrelatePosts(entity_decoded_nr_mp_url);\n\t\/* ]]&gt; *\/\n\t<\/script>\n\n\n<div class=\"nr_clear\"><\/div>\n\n\n<script id=\"mNCC\" language=\"javascript\">  medianet_width='600';  medianet_height= '250';  medianet_crid='814932888';  <\/script>  <script id=\"mNSC\" src=\"https:\/\/web.archive.org\/web\/20130429180206js_\/http:\/\/contextual.media.net\/nmedianet.js?cid=8CUT71M67\" language=\"javascript\"><\/script> \n\n\n\n\n<!-- AddThis Button BEGIN -->\n\n\n<div class=\"addthis_toolbox addthis_default_style addthis_32x32_style\">\n<a class=\"addthis_button_preferred_1\"><\/a>\n<a class=\"addthis_button_preferred_2\"><\/a>\n<a class=\"addthis_button_preferred_3\"><\/a>\n<a class=\"addthis_button_preferred_4\"><\/a>\n<a class=\"addthis_button_compact\"><\/a>\n<a class=\"addthis_counter addthis_bubble_style\"><\/a>\n<\/div>\n\n\n<script type=\"text\/javascript\">var addthis_config = {\"data_track_addressbar\":true};<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/250\/addthis_widget.js#pubid=pennystocksfinder\"><\/script>\n<!-- AddThis Button END -->\n\n\n\n\n<p>More Posts by this author<\/p>\n\n\n\n<ul>\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-steady-by-mid-day-trade\/44003\">\nStocks Steady by Mid-day Trade<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/forex-market-update-u-s-dollar-trades-broadly-lower\/44000\">\nForex Market Update: U.S. Dollar Trades Broadly Lower<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-edge-higher-in-early-trading-14\/43998\">\nStocks Edge Higher in Early Trading<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-and-silver-prices-rise-sharply-3\/43990\">\nGold and Silver Prices Rise Sharply<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/u-s-stock-future-edge-higher\/43987\">\nU.S. Stock Future Edge Higher<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/chevron-misses-q1-revenue-estimate-but-earnings-beat-expectations-cvx\/43980\">\nChevron Misses Q1 Revenue Estimate but Earnings Beat Expectations (CVX)<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/burger-king-beats-q1-estimates-bkw\/43978\">\nBurger King Beats Q1 Estimates (BKW)<\/a><\/li>\n\n\n\n<\/ul>\n\n\n\n\n\n\n<hr>\n\n\n\n\n\n<table style=\"border:none;margin:0;\">\n\n\n<tr>\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20130429180206im_\/http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/userphoto\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n\n\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n\n\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n\n\n\n\n<div style=\"font-size:10pt;\">\n\nEd Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/div>\n\n\n<\/td>\n\n<\/tr>\n\n<\/table>\n\n\n\n\n\n\n\n<!--script type=\"text\/javascript\">\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\n<\/script>\n<script type=\"text\/javascript\"\nsrc=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script-->\n\n\t\t\t\t\t\t\n\n\t\n\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Weakness in oil prices amid global macroeconomic uncertainty and drop in refinery input, to a some extent, put pressure on 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