Wall Street expects 1Q profit gain from Chevron

AP News
Posted: Apr 27, 2012 3:01 AM
Wall Street expects 1Q profit gain from Chevron

Did Chevron have a better start to the year than Exxon?

The No. 2 U.S. oil company reports earnings this morning. Wall Street expects Chevron Corp. to say it earned $3.27 per share, excluding items, in the first three months of 2012. It earned $3.09 in last year's first quarter.

Exxon had an unusually tough quarter. It said Thursday that earnings fell 6.5 percent, the first quarterly decline since late 2009.

Oil companies are benefiting from high oil prices. But they're struggling to boost production. Analysts surveyed by FactSet expect Chevron's production to slip a bit, but revenue is still seen topping $70 billion for the first time since 2008.

A good result could put Chevron shares on the plus side for the year. They're down 0.2 percent year to date.