Chevron Announces First Quarter 2021 Results

Source: www.gulfoilandgas.com 4/30/2021, Location: North America

- Earnings of $1.4 billion; adjusted earnings of $1.7 billion
- Capital spending down 43 percent from prior year
- Cash flow from operations of $4.2 billion
- Free cash flow excluding working capital of $3.4 billion

Chevron Corporation (CVX) reported earnings of $1.4 billion ($0.72 per share - diluted) for first quarter 2021, compared with $3.6 billion ($1.93 per share - diluted) in first quarter 2020. Included in the current quarter were pension settlement costs and legal reserves totaling $351 million. Foreign currency effects decreased earnings by $2 million. Adjusted earnings of $1.7 billion ($0.90 per share - diluted) in first quarter 2021 compares to adjusted earnings of $2.5 billion ($1.31 per share - diluted) in first quarter 2020. For a reconciliation of adjusted earnings/(loss).

Sales and other operating revenues in first quarter 2021 were $31 billion, compared to $30 billion in the year-ago period.


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