Chevron’s first-quarter results were helped by higher oil and gas prices.
Highlights
- Chevron’s profit more than quadrupled during the first quarter of 2022.
- The oil giant reported $6.3 billion in earnings during the period up from $1.37 billion during the same quarter in 2021.
- Chevron’s results follow a surge in commodity prices.
- West Texas Intermediate crude futures futures futures spiked to $130.50 in early March, a price last seen in 2008 as Russia’s invasion sparked supply fears.
- Wall Street was expecting the company to earn $3.27 per share on $47.94 billion in revenue, according to Refinitiv.
- It was not clear whether Chevron exceeded expectations.Shares of Chevron were flat during premarket trading.