Chevron Reported Mixed First-Quarter Earnings Friday
Apr 29, 2022 By MarketDepth
Chevron (NYSE: CVX) reported mixed first-quarter earnings Friday morning. Nevertheless, the company’s profit more than quadrupled throughout the first quarter of 2022 amid higher oil and gas prices.
Revenue Higher Than Expected
The multinational energy corporation reported earnings of USD3.36 per share, compared to the expected USD3.44 a share. Meanwhile, revenue amounted to USD54.37 Billion, higher than analysts anticipated USD50.65 Billion.
“First quarter financial performance saw return on capital employed increase to 14.7 percent and our balance sheet strengthen further. Chevron is doing its part to grow domestic supply with U.S. oil and gas production up 10 percent over first quarter last year.”Mike Wirth, Chevron’s chairman and chief executive officer
Chevron’s shares were flat in premarket trading.
Chevron Growing Renewable Fuels Business
Chevron continues to plan for the growth of its renewable fuels business amid its recent deal to acquire Renewable Energy Group, Inc. Furthermore, the company has also accelerated its hydrogen, carbon capture and offsets businesses along its partnership with Iwatani Corporation of America to manufacture 30 hydrogen fueling stations in California.
“Consistent with our plans, we’re investing to grow both traditional and new energy business lines,” Wirth added.