The Chevron logo is displayed as a tanker truck enters Chevron Products Company’s El Segundo refinery on January 26, 2022 in El Segundo, California.
Patrick T. Fallon | AFP | fake images
ChevronEarnings more than quadrupled during the first quarter of 2022 as higher oil and gas prices boosted the company’s results.
The oil giant reported $6.3 billion in profit during the period, up from $1.37 billion during the same quarter in 2021.
Chevron’s revenue increased to $54.37 billion, up from $32.03 billion during the first quarter of 2021.
Chevron’s results follow a rise in commodity prices.
West Texas Intermediate Crude Futures soared to $130.50 in early March, a price last seen in 2008 when Russia’s invasion sparked supply fears. international benchmark Brent it nearly hit $140, also the highest since 2008.
Since then, prices have cooled but are still above $100, buoying energy companies’ trades.
“Chevron is doing its part to increase domestic supply with US oil and gas production 10 percent from the first quarter of last year,” CEO Michael Wirth said in a statement.
Chevron shares were flat during premarket trading.
On an adjusted basis, the oil giant earned $3.36 per share. It was not clear whether Chevron exceeded expectations. Wall Street had expected the company to earn $3.27 per share on revenue of $47.94 billion, according to estimates compiled by Refinitiv. But the FactSet consensus estimate per share was $3.41.