Chevron Announces First Quarter 2021 Results

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   20212020  
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  
 
(1) Includes foreign currency effects, (2) Net income attributable to Chevron Corporation (See Attachment 1)


“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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