Chevron posts best quarter since 2014 as oil industry rebounds

Chevron, one of the nation’s largest oil companies, reported a fourth consecutive quarterly profit on Friday as oil and natural gas pric...

Chevron, one of the nation’s largest oil companies, reported a fourth consecutive quarterly profit on Friday as oil and natural gas prices continued to recover from the pandemic crisis.

This is the best financial performance for the company since 2014, reflecting the sharp recovery of the entire sector.

Chevron, along with other major oil companies, has shifted its focus from expanding exploration as prices rise to a more disciplined and cautious approach to avoid another glut and plunge. prices. So far, this strategy has worked even in the face of growing criticism that the oil industry is not responding quickly enough to investors’ concerns about climate change.

Chevron, which is based in San Ramon, Calif., said it earned $5.1 billion in the last three months of the year with a turnover of 46 billion dollars. The profit compared to a loss of $665 million for the period in 2020 on revenue of $25 billion. The improved results were fueled by oil prices which hit a seven-year high in late 2021 and continued to rise to over $80 a barrel.

For all of 2021, Chevron earned $15.6 billion compared to a loss of $5.5 billion in 2020, one of the most trying years for the industry in modern history as companies and cities shut down and consumers stayed home.

Chevron executives say the crisis and the company’s need to cut spending have ultimately bolstered its business. The company was able to increase its dividend in 2021, and again this week.

“We’re an even better company than a few years ago,” said Mike Wirth, Chevron’s general manager. “We are more capital and cost efficient, which allows us to return more cash to shareholders.”

Chevron reported higher sales volumes and lower expenses in its exploration and production operations. More importantly, its average selling price per barrel of oil in the fourth quarter was $63 compared to $33 a year earlier. The price of natural gas sold was more than three times higher than the previous year, mainly due to climatic factors.

Chevron’s refinery profits also improved. Its quarterly U.S. refining profit hit $660 million in the quarter, from a loss of $174 million a year earlier. As the global economy recovered, production at Chevron’s U.S. refineries increased 9% in the quarter from a year earlier.

Chevron said it would increase spending by 20% this year to boost production, but its budget remains well below pre-pandemic levels.

Industry executives fear oil prices could fall again if the economy slows.

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Newsrust - US Top News: Chevron posts best quarter since 2014 as oil industry rebounds
Chevron posts best quarter since 2014 as oil industry rebounds
Newsrust - US Top News
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