By Colin Kellaher

 

Chevron Corp. on Friday said it returned to profitability in the first quarter, helped by higher oil prices as the economy recovers from the Covid-19 pandemic.

The San Ramon, Calif., oil giant reported net income of $1.38 billion, or 72 cents a share, for the quarter, down from $3.6 billion, or $1.93 a share, a year earlier, amid the lingering effects of the pandemic the severe winter storm that hit Texas and other states in February.

Excluding items, Chevron posted earnings of 90 cents a share for the quarter. Analysts polled by FactSet, on average, were expecting an adjusted profit of 89 cents a share.

Chevron's profit ends a string of three straight quarterly losses the second largest U.S. oil company had reported, which led to a $5.5 billion loss for all of 2020.

Chevron's revenue edged up 1.7% in the first quarter to $32.03 billion, shy of the $32.54 billion Wall Street was looking for, while worldwide production fell 4%.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

April 30, 2021 06:49 ET (10:49 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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