(New York) Soaring oil prices boosted US oil major Chevron’s net profit by more than four in the first quarter despite a slight decline in output.
Posted at 8:03 a.m.
With a barrel that climbed to 130 dollars on the markets in early March in the wake of the invasion of Ukraine by Russia before stabilizing between 100 and 110 dollars, the company’s turnover has jumped 70% to $54.4 billion.
Its net profit soared to $6.3 billion.
The group’s total production, however, fell slightly, by 2% to 3.06 million barrels of oil equivalent per day.
It was up 10% in the United States, where the US president has put pressure on oil companies to pump more in the hope of lowering gasoline prices. Chevron’s production has even reached a record in the Permian Basin, where the group hopes to pump 15% more this year than in 2021.
The major, on the other hand, saw its production fall by 8% outside the United States, a drop linked in particular, according to the group, to a drop in the productivity of certain oil fields and the expiration of a concession in Indonesia.