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Chevron's Q1 Profits Leap On Gas, Crude Oil Price Surge

Chevron Corporation (NYSE: CVX) posted better-than-expected first-quarter earnings as profits rose nearly fourfold from last year amid a record surge in U.S. gas prices and a spike in global crude linked to Russia's invasion of Ukraine.  

Benzinga · 04/29/2022 09:22
  • Chevron Corporation (NYSE:CVX) posted better-than-expected first-quarter earnings as profits rose nearly fourfold from last year amid a record surge in U.S. gas prices and a spike in global crude linked to Russia's invasion of Ukraine.  
  • Chevron's adjusted EPS came in at $3.36, up from $0.90 a year ago and beating the Street consensus forecast of $3.26.
  • "First quarter financial performance saw a return on capital employed increase and our balance sheet strengthen further," said CEO Mike Wirth.
  • Group revenues surged almost 70% from last year to $54.37 billion, smashing analysts' estimates of $47.94 billion.  
  • Chevron's worldwide net oil-equivalent production in Q1 reached 3.06 million barrels per day. 
  • Permian Basin unconventional production grew to a record 692,000 barrels of oil equivalent per day, as CVX raised its 2022 guidance to 700,000 - 750,000 barrels per day, +15% Y/Y.
  • The company's US average sales price per barrel of crude oil and natural gas liquids was $77, up from $48 a year earlier. 
  • The average sales price of natural gas was $4.10 per thousand cubic feet, up from $2.15.
  • Cash flow from operations was $8.1 billion, compared with $4.2 billion in 2021.
  • Price Action: CVX shares are down 1.11% at $160.00 during the premarket session on the last check Friday.
  • Photo via Wikimedia Commons