01:10 PM EDT, 04/26/2024 (MT Newswires) -- (Updates with company comment on Permian Basin, Hess starting in sixth paragraph.)

Chevron ( CVX ) reported Q1 adjusted earnings Friday of $2.93 per share, down from $3.55 a year earlier.

Analysts polled by Capital IQ expected $2.90.

Revenue in the quarter ended March 31 fell to $48.72 billion from $50.79 billion a year earlier.

Analysts surveyed by Capital IQ expected $50.71 billion.

Chevron ( CVX ) maintained its quarterly dividend at $1.63 a share, payable June 10 to shareholders as of May 17.

On the Q1 earnings call, Chief Executive Officer Michael Wirth said production in the Permian Basin was "good," down about 1% from the previous quarter, or "stronger than what we had anticipated," according to a transcript from Capital IQ.

Wirth said the acquisition of Hess (HES) "is advancing" and may be completed by the end of 2024.

Shares of Chevron ( CVX ) fell 0.3% in recent trading Friday.

Price: 164.77, Change: -0.51, Percent Change: -0.31