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Chevron profit hit by oil prices, but tops estimates
Chevron delivered quarterly earnings and revenue that blew away analysts' expectations on Friday.
Shares of Chevron rose in premarket trading following the announcement. (Get the latest quote here.) (NYSE: CVX)
The oil and natural gas producer posted a 43 percent drop in quarterly profit, due to low oil prices.
The company reported net income of $2.57 billion, or $1.37 per share, compared to $4.51 billion, or $2.36 per share, in the year-ago period.
Revenue fell to $34.56 billion from $53.27 billion a year ago.
Wall Street had expected the company to deliver quarterly earnings per share of 79 cents on $24.37 billion in revenue, according to a consensus estimate from Thompson Reuters.
The company also said production grew 4 percent to 2.68 million barrels of oil equivalent per day.
Lower crude oil prices are expected to weigh on the company's earnings as oil prices have plunged since last June due in part to a glut in supply.
Last month, Chevron (NYSE: CVX) sold its entire stake in refiner Caltex Australia for $3.7 billion as falling oil prices and high costs hurt margins.
"This transaction reflects Chevron's commitment to regularly review our portfolio and generate cash to support our long-term priorities. It is aligned with our previously announced asset sales commitment," said Michael Wirth, executive vice president, Downstream and Chemicals in a press release.
-CNBC's Terri Cullen and Reuters contributed to this report.
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