Chevron Swings to 1Q Profit on Cost Cuts, Rising Oil Prices

Markets Reuters

(Reuters)

Oil producer Chevron Corp said on Friday it swung to a first-quarter profit due to cost cuts and rising crude prices.

Continue Reading Below

The company posted net income of $2.68 billion, or $1.41 per share, compared to a loss of $725 million, or 39 cents per share, in the year-ago period.

Production rose 0.4 percent to 2.67 million barrels of oil equivalent per day. (Reporting by Ernest Scheyder)

What do you think?

Click the button below to comment on this article.