Chevron on April 26 reported earnings of $2.6 billion for the first quarter of 2019, a year-on-year fall of 27 percent caused by lower oil prices and a less profitable refining and chemicals business. Analysts were on average expecting $2.5 billion, according to I/B/E/S estimates from Refinitiv.
The U.S. oil producer is engaged in a bid to take over peer Anadarko Petroleum in an agreed deal worth $33 billion in cash and stock. Rival shale producer Occidental Petroleum offered Anadarko $38 billion in cash and shares on April 24. The target company’s board said it is reviewing Occidental’s approach.
Anadarko on April 25 said it dipped into the red in the first quarter of 2019 thanks to losses on derivatives. Adjusted for those one-offs, earnings of $259 million were 7 percent lower than a year earlier.
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