Chevron (CVX) Profit for Q1 2022

The Chevron logo is displayed as a tank truck enters the Chevron Products Company’s El Segundo refinery on January 26, 2022 in El Segundo, California.

Patrick T. Fallon | AFP | Getty Images

Chevron’s profits more than quadrupled in the first quarter of 2022 as higher oil and gas prices boosted the company’s results.

The oil giant reported a profit of $6.3 billion for the period, compared to $1.37 billion for the same quarter in 2021.

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

Chevron’s results followed rising commodity prices.

Futures for West Texas Intermediate crude jumped to $130.50 in early March, the price last seen in 2008 when a Russian invasion raised supply concerns. Brent’s international benchmark nearly hit $140, also the highest since 2008.

Prices have come down since then, but are still above $100, encouraging energy companies to operate.

“Chevron is contributing to increased domestic supply by increasing U.S. oil and gas production by 10% year over year,” said CEO Michael Wirth.

Chevron shares were unchanged during premarket trading.

On an adjusted basis, the oil giant earned $3.36 per share. It was not clear if Chevron exceeded expectations. According to estimates compiled by Refinitiv, Wall Street expected the company to earn $3.27 per share on $47.94 billion in revenue. But FactSet’s consensus valuation per share was $3.41.

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