Chevron Earnings Just Miss Expectations, Despite Surging Oil Prices

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Chevron

posted earnings that were slightly below analyst expectations for the first quarter.

Chevron

(ticker: CVX), the second-biggest U.S. oil company after

Exxon Mobil

(XOM), reported earnings per share of $3.23. Analysts expected an EPS of $3.41, according to FactSet. However, it beat estimates for overall sales, generating $54 billion against expectations of $51 billion.

Global oil prices have shot up this year after Russian’s invasion of Ukraine threatened to cut off supplies from one of the world’s biggest producers. That benefits big oil companies like Chevron that make most of their money by extracting crude.

Chevron’s worldwide production in the first quarter was just above 3 million barrels a day.

“Chevron is doing its part to grow domestic supply with U.S. oil and gas production up 10% over first quarter last year,” said Mike Wirth, Chevron’s chief executive officer.

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