Chevron 1Q Income Nearly Quadruples as Oil Prices Surge

Sabrina Valle
Friday, April 29, 2022

Chevron Corp's first-quarter profit nearly quadrupled from the same period a year ago, easily surpassing Wall Street's forecasts as oil and gas prices surged following Russia's invasion of Ukraine.

The second-largest U.S. oil producer on Friday posted adjusted earnings of $6.5 billion, or $3.36 per share, 8 cents above Wall Street's mean estimate of $3.28, according to Refinitiv. Chevron earned $1.7 billion, or 90 cents per share, in the same quarter last year.  

The world's largest energy companies have profited handsomely on the back of rising oil and gas prices, which surged in February as Moscow planned its advance on Ukraine.

The global benchmark Brent averaged $114 per barrel in the first quarter. Energy supplies have tightened around the globe as demand has rebounded to near pre-pandemic levels.

Chevron's revenue rose 70% to $54.4 billion in the first quarter, above the Refinitiv consensus of $47.9 billion. Read full story

The producer is using its massive profit to raise investments in production and in renewable fuels, return cash to shareholders and pay down debt.

The company's U.S. oil and gas production rose by 10% from the year-ago period. Russia's output has dipped after the United States and allies imposed heavy sanctions on Moscow. The United States is the world's largest crude oil producer, but output has grown slowly in 2022 even as prices have increased.

In the first quarter, Chevron pumped a record of 692,000 barrels of oil and gas per day (boed) in the Permian, the top U.S. unconventional basin, and boosted full-year guidance to a range of 700,000 to 750,000 boed.

"Chevron is doing its part to grow domestic supply," Chevron's Chief Executive Mike Wirth said in an earnings release.

(Reuters - Reporting by Sabrina Valle; Editing by Richard Pullin)

Categories: Finance Energy Activity Production North America Oil Price People & Company News

Related Stories

Malaysia’s Petronas and Oman’s OQEP Strengthen Oil and Gas Ties

Southeast Asia’s 2GW Cross-Border Offshore Wind Scheme Targets 2034 Buildout

US Pressure on India Could Propel Russia's Shadow Oil Exports

Vietsovpetro Brings BK-24 Oil Platform Online Two Months Early

Shell’s Brazil-Bound FPSO Starts Taking Shape

MODEC Ramps Up Hammerhead FPSO Work After ExxonMobil's Go-Ahead

CNOOC Brings Online Another Oil and Gas Project in South China Sea

Norwegian Oil Investment Will Peak in '25

Cheniere, JERA Ink Long-Term LNG Sale and Purchase Agreement

Seatrium Makes First Turnkey FPSO Delivery to Petrobras

Current News

Malaysia’s Petronas and Oman’s OQEP Strengthen Oil and Gas Ties

Southeast Asia’s 2GW Cross-Border Offshore Wind Scheme Targets 2034 Buildout

Pharos Energy Kicks Off Drilling Campaign Offshore Vietnam

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

US Pressure on India Could Propel Russia's Shadow Oil Exports

Energy Drilling’s EDrill-2 Rig Starts Ops for PTTEP in Gulf of Thailand

RINA Wins FEED Contract for Petronas’ Flagship CCS Project in Malaysia

ABL Secures Rig Moving Assignment with India's ONGC

Pakistan, Türkiye Deepen Oil and Gas Ties with Offshore Indus-C Block Deal

Eni-Petronas Gas Joint Venture Up for Launch in 2026

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