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Chevron Corp (NYSE: CVX) po sted highest quarterly profit in 10 years due to higher oil and gas prices amid Russia-Ukraine war.
The second-largest US oil producer reported $6.3 billion or $3.36 per share in earnings during the period up from $1.7 billion or 90 cents per share during the same quarter in 2021.
Revenue of the company rose 70% to $54.4 billion in the first quarter, above expectations of $47.9 billion, according to Refinitiv.
Oil prices have risen dramatically since the Russian invasion of Ukraine. The company said that it aims to boost oil production as US plans to boycott Russia.
Chevron's U.S. oil and gas production was up 10% from the year-ago period. Chevron Chief Executive Mike Worth said the company was considering additional investments in renewable fuels and liquefied natural gas (LNG).
Picture Credits: Reuters
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