Chevron's stock plummets after Q1 earnings leaked on gas and Crude Oil Surge

Chevron's stock plummets after Q1 earnings leaked on gas and Crude Oil Surge ...

The day of the incident has been announced at 10:12 pm.

Get Chevron Corporation Reportposted better-than-expected first quarter earnings Friday as profits increased nearly fourfold from last year amid a record spike in gas prices and an increase in global crude linked to Russia''s invasion of Ukraine.

Chevron said that adjusted earnings for the three months ending in March came in at $3.36 per share, up from 90% per share over the same period last year, and 10% ahead of the Street consensus forecast.

The company said its earnings climbed 66.25% from last year to $52 billion, stoking analysts'' estimates of a $48 billion total.

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Middle Texas Intermediate crude prices increased from $75 to $100 per barrel in the three months ending in March, bringing the increase to as high as $119.40, a range that was approximately 75 percent higher than the recovery rates recorded over the same period last year.

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According to CEO Mike Wirth, the first quarter of financial performance saw the return on capital employed increase, and our balance sheet strengthened further. "Chevron is doing its best to expand domestic supply with U.S. oil and gas production by 10% over the first quarter last year."

"Chevrons worldwide net oil equivalent production in the first quarter was 3.06 million barrels per day. In the first quarter, Permian Basin unconventional production surpassed its target of 700,000, 750,000 barrels per day, a increase of more than 15% from 2021," he said.

Chevron''s stock was only 3% down in early Friday trading, just after the earnings release to change hands at $159.70 each, a move that leaves the stock with a year-to-date increase of 34%.

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