The company Chevron, one of the world's largest companies in the energy sector, especially in the oil sector, had a 36% increase in profits for the first quarter, raising US$ 3,6 billion. Despite the increase in profit, the drop in oil prices due to the social isolation of the Covid-19 pandemic, caused Chevron's revenue to drop by about 10,5%, reaching US$ 31,5 billion.

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Recently, the oil company's shares fell by 2,39% in the pre-market on the NYSE (New York Stock Exchange), reaching US$ 89,50.

Chevron, in a statement on its first quarter earnings report, said: "Future financial results should remain under pressure as current market conditions persist."

Compared to 2019, the oil company's earnings per share increased by US$ 0,54. Being US$ 1,39 last year and reaching US$ 1,93 this year, 2020. A result that exceeded the expectations of analysts consulted by FactSet who predicted earnings per share of just US$ 0,65. Analysts also predicted a sale of $29,1 billion in shares, which saw a 13,1% drop in sales to $29,71 billion.

Even with some positive results, the world giant still informed that it will reduce the investments foreseen for 2020, from US$ 14 billion to US$ 2 billion and that it still expects a reduction of US$ 1 billion in its operating costs.

Earlier, Chevron had already informed about the suspension of share buyback programs and the conclusion of an additional sale of assets.

The oil company also said today that the measures adopted are in line with its financial priorities, which are to protect dividends, have capital allocated to assets with long-term value and a healthy balance sheet.