Chevron Posts Highest Quarterly Profit in Eight Years

Sabrina Valle in Houston and Arathy S Nair
Friday, October 29, 2021

Chevron Corp on Friday posted its highest quarterly profit in eight years on surging oil and gas prices and as a recovery in motor fuel demand that boosted refining margins.

The strong results came a day after top executives from major oil companies were grilled by U.S. lawmakers for the industry's past dismissals of climate warming.

Chevron earnings in part reflect gains from higher demand after the industry's deep production cuts last year during the pandemic. [nL1N2RO1VB

The company posted net income of $6.11 billion, or $3.19 per share, compared with a loss of $207 million, or 12 cents per share, a year ago. Its oil fetched nearly twice as much as a year ago and its U.S. produced gas sold for three times as much as a year ago.

(Reporting by Sabrina Valle in Houston and Arathy S Nair in Bengaluru; editing by Maju Samuel and Jason Neely)

Categories: Finance Energy Activity Production North America

Related Stories

Sapura Scoops Over $118M for Chevron, PTTEP Subsea Ops off Thailand

China Starts Production at Major Oil Field in Bohai Sea

KBR-SOCAR Joint Venture Secures Work for BP in Azerbaijan

EnQuest Acquires Harbour Energy’s Vietnamese Assets

Valeura Makes Progress with Multi-Well Drilling Campaign in Gulf of Thailand

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

CNOOC Starts Production at Offshore Field in South China Sea

CNOOC Puts Into Production New Oil Field in South China Sea

Pakistan’s OGDC to Start Production at ADNOC’s Offshore Block by 2027

Petrovietnam, Petronas Extend PSC for Offshore Block

Current News

Sapura Energy Rebrands to Vantris Energy

BP, ONGC, Reliance Industries Ink Deal for Offshore Exploration in India

Allseas-Boskalis Consortium Bags $1.4B Offshore Gas Pipeline Job in Taiwan

CNOOC Brings New Offshore Gas Field On Stream

Yinson, PTSC Get $600M Contract for Vietnam-Bound FSO

PTTEP Buys Chevron's Hess Unit Share of Southeast Asia’s Offshore Block for $450M

Valeura Energy, PTTEP Partner Up on Gulf of Thailand Blocks

Sapura Scoops Over $118M for Chevron, PTTEP Subsea Ops off Thailand

Pandion Energy Divests Interests in Three Norwegian Assets to Inpex

China Starts Production at Major Oil Field in Bohai Sea

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com