Chevron’s profit quadruples in the first quarter as higher oil and gas prices boost operations

The Chevron logo is displayed as a tanker truck enters the Chevron Products Company El Segundo Refinery on January 26, 2022 in El Segundo, California.

Higher oil and gas prices boosted the company's results.

The oil giant reported $6.3 billion in earnings during the quarter, up from the same quarter in the previous year.

The company's revenue increased to $54.37 billion from $32.03 billion during the first quarter of the year.

The surge in commodity prices has led to the results of Chevron.

The price of West Texas Intermediate crude spiked to $130.50 in early March, a price last seen in 2008 when Russia invaded. The international benchmark hit the highest since 2008.

The prices have cooled but are still high.

The CEO of Chevron said in a statement that the company is doing its part to grow domestic supply.

During premarket trading, shares of Chevron were unchanged.

The oil giant earned $3.36 per share on an adjusted basis. It was not clear if the company exceeded expectations. The company was expected to earn $3.27 per share on $47.94 billion in revenue. FactSet had a consensus estimate per share of $3.41.