LogIn LogOut

Chevron 1Q Income Nearly Quadruples as Oil Prices Surge

April 29, 2022

Chevron CEO Michael Wirth - Image Credit - Chevron
Chevron CEO Michael Wirth - Image Credit - Chevron

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)



Current News

Australia's LNG Industry Takes Risky Bet on Carbon Capture: Russell

Australia's LNG Industry Takes Risky Bet on Carbon Capture: Russell

Malaysia's Kimanis Crude Exports to Drop in July After Offshore Outage

Malaysia's Kimanis Crude Exports to Drop in July After Offshore Outage

Borr Drilling Finds More Work for Saga Jack-up Drilling Rig

Borr Drilling Finds More Work for Saga Jack-up Drilling Rig

Ørsted, TSS Hold Naming Ceremony for First Asia-built SOV

Ørsted, TSS Hold Naming Ceremony for First Asia-built SOV

Chevron Wraps Up Wheatstone Maintenance

Chevron Wraps Up Wheatstone Maintenance

Bahrain State Oil Company to Appoint Financial Adviser, CEO Says

Bahrain State Oil Company to Appoint Financial Adviser, CEO Says

Woodside Sees Slim Risk of Big Share Selloff by BHP Investors

Woodside Sees Slim Risk of Big Share Selloff by BHP Investors
photo

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