Chevron's first quarter profit fell 29% year-on-year

According to a report from the ICIS-MRC website in Moscow on May 5th, according to information from the Hydrocarbon Processing Network, Chevron, one of the world’s largest energy companies,’s profit in the first quarter fell 29% from the same period last year due to oil refining.

Oil companies generally enjoy a rebound in energy prices.

However, as the performance of its European competitors exceeded expectations, Chevron's profit declined, due to winter storms caused production losses, lower profit margins, and the lack of assets and tax items that benefited last year's profits.

Finance Director Pierre Breber said that the winter blizzards caused US$300 million in production losses and repairs.

Net profit was 1.

According to data from Refinitiv IBES, Chevron’s cash flow from operating activities is US$4.

Hao Fen translated from ICIS-MRC

The original text is as follows:

Chevron profit fell 29% in Q1

Chevron's first-quarter profit fell 29% from the same period a year ago as gains from oil and gas prices were undercut by weaker refining margins, production losses and the impact of an asset sale that benefited results last year, said Hydrocarbonprocessing.

　　Oil companies are generally enjoying a recovery in energy prices, up at least a third this year, after the pandemic hammered demand at the start of 2020.

　　But as European rivals topped forecasts, Chevron's earnings declined on winter storm production losses, weaker margins and the absence of asset and tax items that benefited year-ago profit.

　　The winter storm cost USD300 million in lost production and repairs, said finance chief Pierre Breber.

　　Net profit was USD1.

　　Chevron's cash flow from operations, at USD4.