Chevron to slow pace of share buybacks as Trump tariffs and OPEC+ production weigh on oil prices
Publishing timestamp: 2025-05-02 10:32:35
Summary
Chevron's profits declined over 30% in the first quarter due to falling oil prices. The company plans to slow down share buybacks, but is still maintaining its overall guidance for repurchases this year. Chevron's net income declined, with its U.S. and international production segments both seeing decreases in profit. The company is still trying to close its planned acquisition of Hess, but the deal has been challenged by Exxon Mobil. Chevron's refining business also saw declines in profit due to lower margins on product sales.
Sentiment: MIXED
Keywords: energy, donald trump, chevron corp, breaking news: business, breaking news: earnings, hess corp, business news, breaking news: markets, donald j. trump, markets, earnings, oil and gas,
Source: https://www.cnbc.com/2025/05/02/chevron-cvx-earnings-q1-2025.html