|
Chevron's 1Q earnings slip
|
 |
April 22, 1999: 10:35 a.m. ET
Company cites 'severely depressed' oil prices but meets analysts' forecasts
|
NEW YORK (CNNfn) - Chevron Corp.'s first-quarter earnings met Wall Street expectations Thursday, despite a decline from the previous year's results.
The San Francisco-based company reported a drop in its net income to $329 million, or 50 cents per diluted share, for the quarter ended Mar. 31 from $507 million, or 77 cents per diluted share, a year earlier.
Analysts polled by tracking firm First Call had forecast a profit of 50 cents.
The company blamed "severely depressed" oil prices for the decline in earnings, as well as negative currency exchange effects.
Sales fell 12 percent to $6.7 billion from $7.6 billion a year ago.
Chevron said it plans to introduce several restructuring initiatives later this year aimed at reducing costs, including the relocation of its chemicals and pipelines operation headquarters to Houston from San Francisco and the closing of its La Habra, Calif., research facility.
The company also plans to reorganize its San Joaquin Valley, Permian Basin and Gulf of Mexico Shelf exploration and production operations and consolidate its Australia and Papua New Guinea business units.
Shares of Chevron (CHV) slid 11/16 to 96-3/8 Wednesday. 
|
|
|
|
|
|
Chevron
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
