Chevron records highest profit in eight years

Chevron, one of the largest fossil fuel companies in the world, made its highest quarterly profit in eight years as oil and gas prices surged.
The timing of the announcement was a bit awkward as US politicians only just took big oil execs to task over their companies’ roles in downplaying the threat of global warming in favour of a less sudden divestment away from fossil fuels.
A key reason for Chevron’s gains was the raised levels of demand that ensued as a result of economies emerging from the pandemic.
After repeatedly being asked by Representative Carolyn Maloney to ‘no longer spend any money either directly or indirectly to oppose efforts to reduce emissions and address climate change,’ Big Oil executives refused to take the pledge https://t.co/LbWG02GSJU pic.twitter.com/7Ym5v5bteg
— Reuters (@Reuters) October 28, 2021
Compared to a loss of $207m a year ago, Chevron made $6.11bn this quarter, as the price of oil has nearly doubled when comparing the two time periods, while gas produced in America sold for close to three times as much.
"data is the new oil"
— Raj Mehta (@rajmehta982) October 24, 2021
oil prices: pic.twitter.com/7czRLP6enw
Cash flow from operations, a measure taken seriously by Chevron, was $8.5 billion in the quarter, "the best ever reported by the company,” Chief Executive Michael Wirth said.
Chevron’s overall production levels increased as the firm acquired Noble Energy, according to Wirth, despite maintenance issues still causing slowdowns.
Chevron is proud to officially welcome Noble Energy’s employees, partners and communities. Learn how this acquisition will bring together the best of each organization: https://t.co/lfsugD5TrD pic.twitter.com/CQWLv2aFy7
— Chevron (@Chevron) October 5, 2020
Crude prices moved above $80 a barrel recently while natural gas prices reached record highs across the world.
Chevron confirmed its focus will be on reducing its debt levels and providing a dividend to shareholders rather than seeking to invest in order to increase its output. Despite showdown talks between US lawmakers and oil execs, president Biden has encouraged Chevron and others to raise production to help lower fuel prices.
Biden Begs OPEC and US Oil Companies to Pump More Oil as Prices Surge After He SLASHED US Production (VIDEO) https://t.co/IXQvgwdSdJ
— Genie Gray (@GenieGr06689488) October 29, 2021
The Chevron share price is up by 1% during the afternoon session on Friday.