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Chevron shares up after beating first-quarter earnings estimates

Rival energy giant Exxon Mobil shares fall after an earnings miss

A Chevron gas station
Shares were up Friday morning

Chevron Corp (NYSE:CVX) reported its first-quarter earnings on Friday morning, beating analyst estimates on earnings.

The oil giant reported earnings of US$1.90 per share on revenue of US$3.6bn compared with US$1.41 EPS on revenue of US$2.7bn in the previous year’s first quarter.

First-quarter revenue was US$36bn compared with US$32bn a year ago.

The California-based company beat consensus estimates of US$1.48 EPS but fell short on sales, missing forecasts for US$40.97bn.

READ: Exxon Mobil 1Q earnings disappoint, hit by weak refining, chemical businesses

“First-quarter earnings and cash flow improved significantly from a year ago. We benefitted from growing production and higher prices,” said CEO Michael Wirth.

Oil and gas production increased in the liquified natural gas projects in Australia, according to the company’s release. Shale developments in the Permian Basin straddling Texas and New Mexico grew 65% compared to last year.

Rival Exxon Mobil Corporation (NYSE:XOM) saw shares fall after an earnings miss, reporting US$1.09 EPS compared with expectations of US$1.12.

Shares of the company were up slightly in morning trading.

Quick facts: Chevron Corporation

Price: 98.04 USD

NYSE:CVX
Market: NYSE
Market Cap: $184.25 billion
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