(NYSE: CVX) has an integrated business model, meaning it operates in the upstream (oil and gas production), midstream (transportation and storage), and downstream (chemicals and refining) sectors. That strategy has enabled the company to deliver steadier results because stronger parts of its business can help mute the effects of weaker areas.

The power of its integrated business model was on full display during the first quarter. While the energy company's earnings declined, it produced a solid quarter overall thanks to the strength of its U.S. upstream business.

Chevron produced $5.4 billion, or $2.93 per share, of adjusted earnings in the first quarter. While that was down from $6.7 billion in the year-ago period (and $6.4 billion in the preceding fourth quarter), its earnings were just above analysts' consensus estimate of $2.92 per share.

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Source Fool.com