Chevron Quarterly Report
An increase in revenue for Chevron (NYSE:CVX) wasn't enough to make up for large losses in it refining business as the energy and oil company wasn't able to overcome the $613 loss, even though revenue surged by 10.3 percent in the quarter to end at $47.6 billion.
Consequently, earnings for the company plunged to $3.1 billion, a huge plunge from the $4.9 billion it earned in the same quarter in 2008.
Falling natural gas and crude oil prices were the reasons given for the poor performance.
Analysts had been looking for earnings to come in at $1.7 a share on revenue of $40.4 billion.
"In this challenging environment, Chevron's successes in operational reliability and cost management made valuable contributions to our bottom line," said Chevron Chairman and CEO John Watson. "Our financial strength enabled continued investment in our excellent portfolio of capital and exploratory projects and an increase in the annual dividend on our common shares for the 22nd consecutive year."
Annual earnings for Chevron reached $10.5 billion, or $5.24 a share, in contrast to $23.9 billion, or $11.67 a share they reached in 2008.
Chevron Quarterly Report
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