The company on April 28, 2017, reported earnings of $2.7 billion for 1st quarter 2017, compared with a loss of $725 million in the 2016 1st quarter.
Included in the 1st quarter 2017 was a gain of approximately $600 million from the sale of an upstream asset.
Foreign currency effects decreased earnings in 1st quarter 2017 by $241 million, compared with a decrease of $319 million a year earlier.
Sales and other operating revenues in 1st quarter 2017 were $32 billion, compared to $23 billion in the year-ago period.
Chairman and CEO John Watson, said: «We benefited from increasing crude oil prices and ongoing efficiencies being implemented across the company. Our operating expenses were reduced by about 14 % from 1st quarter 2016 and our capital spending declined over 30 % from a year ago.»
Chevron’s worldwide net oil-equivalent production was 2.68 million barrels per day in 1st quarter 2017, compared with 2.67 million barrels per day in the 2016 1st quarter.
Capital and exploratory expenditures in 1st quarter 2017 were $4.4 billion, compared with $6.5 billion in the corresponding 2016 period.