Chevron reports Q1 adjusted EPS $2.18, consensus $2.15

Reports Q1 revenue $47.61B, consensus $48.39B. “This quarter reflected continued strong execution and progress on our objective to deliver superior shareholder value,” said Mike Wirth, Chevron’s (CVX) chairman and chief executive officer. Over the last three years, Chevron has returned more than $78 billion of cash to shareholders. “Despite changing market conditions, our resilient portfolio, strong balance sheet, and consistent focus on capital and cost discipline position us to deliver industry-leading free cash flow growth by 2026.” In Kazakhstan, following the completion of the Future Growth Project (FGP) at the company’s Tengizchevroil affiliate, production ramped up to name-plate capacity. In the United States, Permian Basin production grew with increased efficiencies, first oil was recently achieved on the Ballymore project in the Gulf of America on time and on budget, and the company sold a majority interest in its East Texas gas assets.