Summary
Chevron Corporation reported a net loss attributable to shareholders of $725 million ($0.39 per diluted share) for the first quarter of 2016, a significant downturn from the $2.567 billion net income ($1.37 per diluted share) recorded in the same period of 2015. This loss was primarily driven by a substantial decrease in upstream earnings, which swung from a profit of $1.56 billion to a loss of $1.46 billion, largely due to lower crude oil and natural gas prices. Downstream earnings also declined, though the segment remained profitable, reporting $735 million in the first quarter of 2016 compared to $1.42 billion in the prior year. The company's revenues and other income saw a sharp decrease, falling to $23.55 billion from $34.56 billion year-over-year, also heavily influenced by commodity price declines. Despite the net loss, Chevron maintained its quarterly dividend of $1.07 per share. The company's cash flow from operations was $1.14 billion, down from $2.32 billion in the prior year, as lower commodity prices impacted profitability. Capital expenditures were significantly reduced to $5.57 billion from $7.60 billion in the first quarter of 2015, reflecting a strategic response to the challenging market environment. Total debt increased to $42.3 billion from $38.5 billion at year-end 2015, while the debt ratio rose to 22.0% from 20.2%. Investors should monitor the company's cost management efforts, capital allocation strategies, and the outlook for commodity prices.
Financial Highlights
46 data points| Revenue | $23.55B |
| SG&A Expenses | $998.00M |
| Operating Expenses | $25.26B |
| Interest Expense | $0 |
| Net Income | -$725.00M |
| EPS (Basic) | $-0.39 |
| EPS (Diluted) | $-0.39 |
| Shares Outstanding (Basic) | 1.87B |
| Shares Outstanding (Diluted) | 1.87B |
Key Highlights
- 1Reported a net loss of $725 million for Q1 2016, a significant decline from a net income of $2.567 billion in Q1 2015.
- 2Upstream segment earnings swung to a loss of $1.459 billion in Q1 2016 from a profit of $1.560 billion in Q1 2015, primarily due to lower crude oil and natural gas prices.
- 3Downstream segment earnings decreased to $735 million in Q1 2016 from $1.423 billion in Q1 2015, driven by lower refined product margins.
- 4Total revenues and other income decreased to $23.55 billion in Q1 2016 from $34.56 billion in Q1 2015.
- 5Cash provided by operating activities declined to $1.14 billion in Q1 2016 from $2.32 billion in Q1 2015.
- 6Capital expenditures were reduced to $5.57 billion in Q1 2016 from $7.60 billion in Q1 2015.
- 7The company maintained its quarterly dividend of $1.07 per share.