SAN RAMON, Calif. (AP) — SAN RAMON, Calif. (AP) — Chevron Corp. (CVX) on Friday reported first-quarter profit of $5.5 billion.
On a per-share basis, the San Ramon, California-based company said it had profit of $2.97. Earnings, adjusted for non-recurring gains, came to $2.93 per share.
The results surpassed Wall Street expectations, but Chevron does not adjust its reported results based on one-time events such as asset sales. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.84 per share.
The oil company posted revenue of $48.72 billion in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $49.94 billion.
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