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00:02Chevron reported first quarter adjusted earnings of $1.41 per share, beating estimates of 95 cents
00:09as higher oil prices linked to the U.S.-Israeli war on Iran lifted upstream results, according
00:14to Reuters. Net income fell to $2.2 billion from $3.5 billion a year earlier for the January
00:22through March period, down from $3.5 billion a year earlier. Less than 5% of its total production
00:29was exposed to Middle East turmoil. Chevron's upstream segment generated $3.9 billion in
00:35earnings, rising 4% year over year as higher oil prices increased revenue. Downstream operations
00:42posted a loss of $817 million compared to a $325 million profit a year earlier, driven by
00:49derivative-related timing effects that are expected to reverse next quarter. Production
00:54exceeded 2 million barrels per day in the U.S. for a third straight quarter. Chevron paid
00:59$3.5 billion in dividends and repurchased $2.5 billion in shares while maintaining its full
01:06year buyback target. For all things money, visit Benzinga.com.
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