RateCaptain
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Rate Captain
No Result
View All Result
Home Commodities

Chevron Declares Highest Profit In 8 Years

Rate Captain by Rate Captain
October 29, 2021
in Commodities, Economics
Reading Time: 2 mins read
A A
0
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Chevron on Friday 29th October 2021 declared its highest quarterly profit in the past 8 years. The energy giants have been able to capitalize on growing oil price associated with the firm’s higher supply to meet existing fuel demand.

Chevron posted its quarterly results after top executives of the largest oil companies in the world were scrutinized by lawmakers in the United States of America, This event arose due to most firms in the oil industry financing groups that resists a demand shift to fossil fuels and dismissing climate warming.

The financial earnings of chevron, Is a typical reflection of the high demand in the oil market after production cuts arose during the COVID-19 pandemic. The company posted a net income of $6.11 billion, compared with a loss of $207 million a year ago, on sales of oil that fetched nearly twice as much as a year ago and U.S.-produced gas that sold for three times as much.

Shares climbed by 2% at $115.37 in pre-market trading and have gained more than a third this year. Adjusted earnings per share also exceeded expectation  of $2.96 according to Refinitiv IBES data.

Chief Executive Officer Michael Wirth stated that “Cash flow from operations, a closely watched measure, was $8.5 billion in the quarter, the best ever reported by the company,”

Strong international results pushed Chevron’s operating profit from oil and gas production to $5.1 billion, from just $235 million a year ago. Profits in U.S. refining and chemicals jumped more than six times from a year-ago on higher demand for chemicals and motor fuels.

Chevron and U.S. rival ExxonMobil Corp have increased  oil production, shunning European competitors’ shift into solar and wind. Exxon also is expected to report strong quarterly results on Friday.

 

 

AlsoRead

Crude oil hit $111 a barrel amid weak dollar and OPEC’s stance to aid Russia

CBN Issues Regulatory Guidelines for Open Banking in Nigeria to Ensure Financial Inclusion

Ghana begins the purchase of the Yellow Metal in a bid to strengthen its currency

Also Read : Nigeria’s Oil Reserve May Only Last For 49 Years — World Bank

Previous Post

Nigeria Losses $1 Billion Due To Forgery Of Gas Flare Data

Next Post

Oil Rose Above $84, Despite Increase In Supply From the USA & Iran

Related News

CBN say Nigeria would reap the benefits of a rising oil price

Crude oil hit $111 a barrel amid weak dollar and OPEC’s stance to aid Russia

by Rate Captain
May 23, 2022
0

Oil prices increased at the start of the week as investors tightened their purse strings as fears about global growth...

CBN Issues Regulatory Guidelines for Open Banking in Nigeria to Ensure Financial Inclusion

by Rate Captain
May 19, 2022
0

The Central Bank of Nigeria has issued the regulatory framework for Open Banking in Nigeria in its efforts to enhance...

Ghana begins the purchase of the Yellow Metal in a bid to strengthen its currency

Ghana begins the purchase of the Yellow Metal in a bid to strengthen its currency

by Rate Captain
May 19, 2022
0

Ghana has started the bulk purchase of the yellow metal-Gold, to raise the gold component of its reserves in a...

Chicago Federal Reserve Bank Pushes Shallower Rate-hike Path

Chicago Federal Reserve Bank Pushes Shallower Rate-hike Path

by Rate Captain
May 18, 2022
0

Chicago Federal Reserve Bank President Charles Evans said he supports moving to a shallower rate-hike path by July or September...

Next Post

Oil Rose Above $84, Despite Increase In Supply From the USA & Iran

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

CBN governor respond to APC 100M president form

BREAKING: CBN raises benchmark interest rate to 13% — first time in more than two years

May 24, 2022
BNP Paribas has joined JPMorgan’s blockchain-based network.

BNP Paribas has joined JPMorgan’s blockchain-based network.

May 23, 2022

Popular Story

  • Naira Depreciates at all Markets: Naira Hits N610/$1 at B2B Market

    0 shares
    Share 0 Tweet 0
  • Investment Bank, JP Morgan predicts Foreign Exchange Rates from 2022-2023

    0 shares
    Share 0 Tweet 0
  • Experts predicts the death of Shiba Inu

    0 shares
    Share 0 Tweet 0
  • BNP Paribas has joined JPMorgan’s blockchain-based network.

    0 shares
    Share 0 Tweet 0
  • BREAKING: CBN raises benchmark interest rate to 13% — first time in more than two years

    0 shares
    Share 0 Tweet 0
Rate Captain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.