Oil and gas giant Chevron (NYSE:CVX) has delivered a better-than-expected set of first-quarter numbers on both top-line as well as bottom-line fronts.
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Revenue declined 6.6% year-over-year to $50.79 billion but landed better than estimates by $1.3 billion. EPS at $3.55 too comfortably came in ahead of expectations by $0.15. The decrease in revenue was attributable to lower commodity prices during the quarter. Earnings, on the other hand, got a boost from increased margins on refined products.
The company’s global net oil-equivalent output dropped by 3% as compared to the year-ago period owing to an end to the Erawan concession in Thailand.
Next, the company has started oil liftings from Venezuela, submitted winning bids for 75 blocks in the Gulf of Mexico, and plans to expand the Bayou Bend carbon capture and sequestration unit on the U.S. Gulf coast.
Moreover, Chevron has also upped its target stock buyback rate to $17.5 billion a year. Overall, the Street has a $190.50 consensus price target on Chevron, implying a potential upside of 14.1% in the stock. That’s on top of a nearly 6.8% gain in the share price over the past month.
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