Boston, MA 05/19/2014 (wallstreetpr) – The leading human energy company, Chevron Corporation (NYSE:CVX) recently posted the financial results of the Q1. According to the news reports, the first quarter results of the year 2014 have come out. Following are the details of the results-
According to the spokesperson of Chevron Corporation (NYSE:CVX), the earnings of the company in the Q1 were recorded as $4.5 billion. Per share income of CVX was $2.36 earnings per diluted share. If compared to the earnings of last year, one can figure out that the earnings of the company have decreased in last one year. The last year’s Q1 earnings were $6.2 billion. CVX posted $3.18 per share income last year, which was way more than this year’s income.
The company posted $51 billion as the sales revenue for the Q1 of the current year. Please note that the company posted a hefty figure of $54 billion at the same time a year ago as the sales revenue. The main reason suggested for this downfall in the revenue and sales was due to higher crude oil prices and increased competition, said the Chief Executive Officer of Chevron Corporation (NYSE:CVX), John Watson.
If one thinks from a broader prospect, he can figure out that the increased prices of the crude oil were the results of the global oil crisis and various issues with oil producing countries. Though the company produced 2.59 million barrels per day oil worldwide, but it was less than what the company produced a year before 2.65 million barrels per day. The US upstream earnings of the company were $912 million in the first quarter in comparison to the $1,132 million of the Q1 of year 2013.
Though Chevron Corporation (NYSE:CVX) has shown negative growth in the last one year, but the management expects to get things better in Q2. The result will be known to all in the couple of months’ time.