Chevron Slips as Investors Wanted More

SourceCNBC
SectorFinancial Markets
CountryGulf

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Chevron

stock slipped in early trading on Friday after the oil giant’s refining results weighed on its first-quarter revenue.

The relatively strong earnings report may not have satisfied investors, given the company’s strong stock performance in recent weeks.

In Friday morning trading, the stock was down nearly 2%, to $104.83. For the year, the shares are up 27%.

Chevron

(ticker: CVX) posted adjusted 90 cents of earnings per share, a penny ahead of Wall Street estimates. Its revenue of $32 billion missed expectations for $32.5 billion.

Results were hurt by Winter Storm Uri in February, which caused Chevron and other companies to halt refining and chemical operations. The storm lowered the company’s earnings by about $300 million after tax, according to Chief Financial Officer
Pierre Breber.
About $200 million of that was in refining and chemicals operations,...read more...