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Chevron (CVX) earnings Q1 2022

The Chevron brand is displayed as a tanker truck enters the Chevron Merchandise Firm El Segundo Refinery on January 26, 2022 in El Segundo, California.

Patrick T. Fallon | AFP | Getty Photographs

Chevron‘s revenue greater than quadrupled throughout the first quarter of 2022, as larger oil and fuel costs boosted the corporate’s outcomes.

The oil large reported $6.3 billion in earnings throughout the interval up from $1.37 billion throughout the identical quarter in 2021.

Chevron’s income rose to $54.37 billion, up from $32.03 billion throughout the first quarter of 2021.

Chevron’s outcomes comply with a surge in commodity costs.

West Texas Intermediate crude futures spiked to $130.50 in early March, a value final seen in 2008 as Russia’s invasion sparked provide fears. Worldwide benchmark Brent almost hit $140, additionally the very best since 2008.

Costs have since cooled, however are nonetheless sitting above $100, boosting power corporations’ operations.

“Chevron is doing its half to develop home provide with U.S. oil and fuel manufacturing up 10 p.c over first quarter final yr,” CEO Michael Wirth mentioned in an announcement.

Shares of Chevron had been flat throughout premarket buying and selling.

On an adjusted foundation the oil large earned $3.36 per share. It was not clear whether or not Chevron exceeded expectations. Wall Road was anticipating the corporate to earn $3.27 per share on $47.94 billion in income, based on estimates compiled by Refinitiv. However FactSet’s consensus estimate per share was $3.41.

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