Chevron’s 1Q Earnings Surge on Higher Oil Prices
Chevron returned to profitability in the first quarter as higher oil prices resulted in a dramatic improvement in upstream earnings. Total earnings increased to $2.7 billion from a loss of $725 million last year, largely driven by the improvement in upstream earnings to $1.5 billion from a $1.5 billion loss the year before. While production increased only slightly, with new growth being offset by base decline, production-sharing contract effects, and asset sales, Chevron remains on track to achi...Chevron is engaged in energy and chemicals operations. Upstream operations consist primarily of, among others, exploring for, developing and producing crude oil and natural gas; processing, liquefaction, transportation and regasification associated with liquefied natural gas, storage and marketing of natural gas; and a gas-to-liquids plant. Downstream operations consist primarily of, among others, refining crude oil into petroleum products; marketing of crude oil and refined products; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses and fuel and lubricant additives.
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