Chevron Corp.’s quarterly earnings nearly quadrupled from a year earlier, beating analysts’ estimates as oil and gas prices rose after the Russian-led invasion of Ukraine.
The second largest US oil company announced adjusted earnings of 6.5 billion dollars or 3.36 dollars per share, 8 cents higher than the average estimate for 3.28 dollars.
Chevron earned $ 1.7 billion, or 90 cents a share, in the same quarter last year.
The world’s largest energy companies benefited from rising gas and oil prices, which rose in February as Moscow planned its attack on Ukraine.
Chevron revenue rose 70% to $ 54.4 billion in the first quarter, compared to estimates for $ 47.9 billion.
The company’s gas and oil production in the US increased by 10% compared to the same period last year.
In the first quarter, Chevron pumped a record 692,000 barrels of oil and gas per day into the US Permian, upgrading estimates for the year to 700,000-750,000 barrels per day.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
