Updated at 12:11 pm EST
Chevron (CVX) - posted better-than-expected first quarter earnings Friday 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 said adjusted earnings for the three months ending in March came in at $3.36 per share, up from 90 cents per share over the the same period last year and 10 cents ahead of the Street consensus forecast.
Group revenues, the company said, surged 62.5% from last year to $52 billion, smashing analysts' estimates of a $48 billion tally.
West Texas Intermediate crude prices traded between $75 and $100 per barrel over the three months ending in March -- with a spike to as high as $119.40 -- a range that was around 75% higher than the pandemic recovery levels recorded over the same period last year.
“First quarter financial performance saw return on capital employed increase and our balance sheet strengthen further,” said CEO Mike Wirth. "Chevron is doing its part to grow domestic supply with U.S. oil and gas production up 10% over first quarter last year."
"Chevron’s worldwide net oil equivalent production in the first quarter was 3.06 million barrels per day. Permian Basin unconventional production grew to a record 692,000 barrels of oil equivalent per day in the first quarter, as the company raised its 2022 guidance to 700,000 - 750,000 barrels per day, an increase of over 15%from 2021," he added.
Chevron shares were marked 2.1% lower in mid-day Friday trading following the earnings release to change hands at $158.40 each, a move that still leaves the stock with a year-to-date gain of around 32.8%.