Chevron Corporation (NYSE:CVX) reported its earnings before opening bell this morning, posting earnings of $6.2 billion or $3.18 per diluted share. That’s compared to $6.5 billion or $3.27 per diluted share in the same quarter a year ago. Analysts were expecting earnings of $3.08 per share on revenue of $67.73 billion.
Sales and other operating revenues for the quarter were reported to be $54 billion, a decline from $59 billion in the same quarter a year ago. The company attributed the decline to lower crude oil prices. Chevron Corporation (NYSE:CVX) also made progress in a number of its development projects during the first quarter of the year.
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“Our key development projects remain on track,” said Chairman and CEO John Watson in a statement. “Construction is progressing well on the Gorgon and Wheatstone LNG projects in Australia. Important milestones have been reached recently for our Jack / St. Malo and Big Foot deep water projects in the Gulf of Mexico, and both remain on schedule for start-up in 2014.”
Chevron reported worldwide net oil-equivalent production of 2.65 million barrels per day, an increase from 2.63 million barrels per day in the same quarter a year ago. The company attributed higher production from project ramp-ups in the U.S. and Nigeria, however, it said those increases were mostly offset by declines in the company’s normal fields.
The company’s board also approved an 11.1 percent increase in its quarterly dividend, which goes to $1 per share and will be payable in June. During the first quarter, Chevron Corporation (NYSE:CVX) bought back $1.25 billion of its common stock under its share repurchase program.
As of the moment of this writing, shares of Chevron Corporation (NYSE:CVX) were up 0.41 percent in pre-market trading.