Chevron Announces First Quarter 2021 Results
Chevron reported earnings of $1.4 billion ($0.72 per share – diluted) for first quarter 2021, compared with $3.6 billion ($1.93 per share – diluted) in first quarter 2020. Included in the current quarter were pension settlement costs and legal reserves totaling $351 million. Foreign currency effects decreased earnings by $2 million. Adjusted earnings of $1.7 billion ($0.90 per share – diluted) in first quarter 2021 compares to adjusted earnings of $2.5 billion ($1.31 per share – diluted) in first quarter 2020. For a reconciliation of adjusted earnings/(loss),
Sales and other operating revenues in first quarter 2021 were $31 billion, compared to $30 billion in the year-ago period.
| Earnings Summary | |||||||
| Three Months Ended March 31 | |||||||
| Millions of dollars | 2021 | 2020 | |||||
| Earnings by business segment | |||||||
| Upstream | $2,350 | $2,920 | |||||
| Downstream | 5 | 1,103 | |||||
| All Other | (978) | (424) | |||||
| Total (1)(2) | $1,377 | $3,599 | |||||
| $(2) | $514 | ||||||
“Earnings strengthened primarily due to higher oil prices as the economy recovers,” said Mike Wirth, Chevron’s chairman and chief executive officer. “Results were down from a year ago due in part to ongoing downstream margin and volume effects resulting from the pandemic and the impacts of winter storm Uri.”
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