First quarter profit Chevron soared from the same period a year earlier to a 10-year high, thanks to rising oil and gas prices following the Russian invasion of Ukraine.
The second-largest US oil producer reported adjusted profit of $6.5 billion, or $3.36 per share, on Friday, compared with $1.7 billion, or 90 cents per share, in the same quarter a year earlier.
However, the result was below the 3.47 dollars of the estimate of SmartEstimate that considers the most prominent analysts of wall streetaccording to Refinitiv, but was above the $3.27 per share average of all respondents.
Jefferies called the results “the most disappointing set of numbers” so far in the first quarter.
Wall Street analysts highlighted higher-than-expected corporate charges, inflation costs and weakness in the international refining division due to price volatility.
Chevron shares were down 1.6% at $159.54 in premarket trading.
The company’s oil and gas production in the United States increased 10% from the prior year period.
In the first quarter, Chevron pumped a record 692,000 barrels of oil and gas per day (boed) into the Permian, the largest unconventional basin in the United States, and raised full-year forecasts to a range of 700,000 to 750,000 boed. .
Chevron is doing its part to increase domestic supply,” Chevron Chairman Mike Wirth said in an earnings release.
Chevron’s revenue rose 70% to $54.4 billion in the first quarter, above Refinitiv’s consensus of $47.9 billion.