Chevron Corporation (NYSE: CVX) reported a sharp increase in first-quarter profit as the energy giant’s revenues grew by 70%. Both earnings and the top line exceeded the consensus estimates.
Total revenues and other income jumped 70% year-over-year to $54.4 billion in the March quarter and came in above analysts’ forecast. Revenues benefited from a record surge in crude oil prices.
Reflecting the positive top-line performance, first-quarter adjusted profit moved up to $3.36 per share from $0.90 per share in the same period of 2021. Unadjusted profit rose to $6.3 billion or $3.22 per share from $1.4 billion or $0.72 per share last year. Earnings also beat the estimates.
Check this space to read management/analysts’ comments on Chevron’s Q1 results
“First quarter financial performance saw a return on capital employed increase to 14.7 percent and our balance sheet strengthen further. The company’s debt ratio and net debt ratio declined to 16.7 and 10.8 percent, respectively. Chevron is doing its part to grow domestic supply with U.S. oil and gas production up 10 percent over the first quarter of last year,” Wirth continued,” said Mike Wirth, Chevron’s chief executive officer.
