Chevron posts highest profit in 10 years amid high oil prices
The oil giant’s revenue rose 70% to $54.4 billion in the first quarter
By Shubhangi Mathur
Published - Apr 30, 2022, 05:16 AM ET
Last Updated - Feb 24, 2024, 05:56 AM EST
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.
