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May 1, 2020

Chevron defies market and increases Q1 earnings to $3.6bn

By Matthew Farmer

Chevron, the US-based producer, has announced an earning of $3.6bn in the three months to March 2020.

Compared to the same time in 2019, its US upstream profits decreased by $507m, to $241m this year. Internationally, the profits rose to $2.68bn, a $304m increase.

However, the company earned $240m from asset sales, and $954 from tax and currency effects.

Chairman and CEO Michael K Wirth said: “First quarter earnings were up from a year ago, driven by downstream margins and increased Permian production. However, commodity prices fell significantly in March and the weakness continued into the second quarter, primarily due to reduced demand resulting from the COVID-19 pandemic.”

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