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Chevron Blows Through All Profit Forecasts

  • Production tallly also surpassed every estimate in a survey
  • Cash, output surges position company to resume buybacks
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Chevron Beats Estimates, Exxon Mobil Falls Short

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Chevron Corp. surpassed every first-quarter profit and production estimate, raising the possibility of a resumption of share buybacks later this year.

Chevron earned $1.90 a share during the first three months of the year, well in excess of the $1.47 average of 18 estimates in a Bloomberg survey of analysts. The company also pumped more crude and natural gas than observers anticipated, Chevron said Friday in a statement, enhancing the benefits from rallying oil prices.