Chevron posted a profit of $5-billion in the quarter ended on March 31, down from $6.57-billion, or $3.46 per share from a year ago
beat estimates for first-quarter profit on Friday as higher production volumes in the U.S. helped offset a hit from weak natural gas prices and fuel margins.
Chevron said results were sustained by higher production brought by the acquisition of PDC Energy, Inc and sustained strong execution in the Permian and Denver-Julesburg Basins.Chevron said first quarter oil and gas production jumped 12 per cent, to 3.34 million barrels of oil equivalent per day . Late last year, Chevron offered to buy Hess Corp for $53-billion to get a foothold in oil-rich Guyana’s lucrative offshore fields.
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