Chevron’s profit quadruples in the first quarter as higher oil and gas prices boost operations

Business

The Chevron logo is displayed as a tanker truck enters the Chevron Products Company El Segundo Refinery on January 26, 2022 in El Segundo, California.
Patrick T. Fallon | AFP | Getty Images

Chevron‘s profit 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 earnings during the period up from $1.37 billion during the same quarter in 2021.

Chevron’s revenue rose to $54.37 billion, up from $32.03 billion during the first quarter of 2021.

Chevron’s results follow a surge in commodity prices.

West Texas Intermediate crude futures spiked to $130.50 in early March, a price last seen in 2008 as Russia’s invasion sparked supply fears. International benchmark Brent nearly hit $140, also the highest since 2008.

Prices have since cooled, but are still sitting above $100, boosting energy companies’ operations.

“Chevron is doing its part to grow domestic supply with U.S. oil and gas production up 10 percent over first quarter last year,” CEO Michael Wirth said in a statement.

Shares of Chevron 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 was expecting the company to earn $3.27 per share on $47.94 billion in revenue, according to estimates compiled by Refinitiv. But FactSet’s consensus estimate per share was $3.41.

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