Chevron’s (NYSE:CVX) reported its profit more than quadrupled during the first quarter of 2022, as higher oil and gas prices boosted the company’s results.
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 revenue rose to $54.37 billion, up from $32.03 billion during the first quarter of 2021.
Chevron’s results follow a surge in commodity prices.
West Texas Intermediate crude futures spiked to $130.50 in early March, a price last seen in 2008 as Russia’s invasion sparked supply fears. International benchmark Brent nearly hit $140, also the highest since 2008.
Prices have since cooled, but are still sitting above $100, boosting energy companies’ operations.
According to CEO Michael Wirth, “Chevron is doing its part to grow domestic supply with U.S. oil and gas production up 10% over first quarter last year,” CEO Michael Wirth said in a statement.
On an adjusted basis the oil giant earned $3.36 per share. It was not clear whether Chevron exceeded expectations. Wall Street was expecting the company to earn $3.27 per share on $47.94 billion in revenue, according to estimates compiled by Refinitiv. But FactSet’s consensus estimate per share was $3.41.
CVX shares collapsed $1.69, or 1%, to $160.10 soon after the opening on Friday.
