Chevron Beats Expectations Despite Downstream Loss

Chevron exceeded Wall Street expectations for its first-quarter earnings, reporting adjusted earnings of $1.41 per share.

The company's upstream segment generated $3.9 billion in earnings, a 4% increase year-over-year due to higher oil prices.

However, Chevron's downstream operations swung to a loss of $817 million, mainly due to accounting mismatches from derivative-related timing effects.

Chevron CFO Eimear Bonner said that about $1 billion in paper positions will close and result in profit in the second quarter.