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

Chevron Corporation 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.
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