Chevron Beats Profit Estimates As Refining Margins Jump

Despite a drop in oil and gas prices, Chevron Corporation (NYSE: CVX) beat analyst expectations in its first-quarter earnings, which rose on the back of higher margins on refined product sales. Chevron on Friday reported earnings of $6.6 billion, or $3.46 per diluted share, for the first quarter of 2023. This compares with $6.3 billion in earnings, or $3.22 per diluted share, for the first quarter of 2022. Chevron’s total earnings were also higher than the $6.35 billion profit for the fourth quarter of 2022. The Q1 2023 earnings…