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Chevron shares gush higher after quarterly earnings beat

The first three months saw it earn $2.3bn, or an adjusted $1.23 per share

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Chevron is an integrated global oil firm

Cutting costs and higher crude prices helped lift Chevron Corp's (NYSE: CVX) profits, which beat expectations.

Shares in the energy giant, which operates in 180 countries, gushed 1.3% higher at $106.88 each.

The three months saw it earn $2.3bn, or an adjusted $1.23 per share, compared to Wall Street's expectations for 86 cents a share.

Revenues was $33.4bn versus analysts' expectations for $33.3bn.

"First quarter earnings and cash flow improved significantly from a year ago,” said chairman and chief executive John Watson.

"We benefitted from increasing crude oil prices and ongoing efficiencies being implemented across the company."

He added: "Our operating expenses were reduced by about 14 percent from first quarter 2016 and our capital spending declined over 30 percent from a year ago."

In upstream, worldwide net oil-equivalent production was 2.68 million barrels per day in first quarter, compared with 2.67mln barrels in 2016.

Production increases from major capital projects and base business were largely offset by production entitlement effects in several locations, normal field declines and the impact of asset sales, the group said.

Downstream activity earned $926mln versus $735mln a year earlier, the oiler said.

Cash flow from operations in first quarter 2017 was $3.9 billion, compared with $1.1 billion in the corresponding 2016 period.

Quick facts: Chevron Corporation

Price: 110.08 USD

NYSE:CVX
Market: NYSE
Market Cap: $208.15 billion
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