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Bloomberg
Chevron Corp posted the highest quarterly earnings in almost a decade as soaring energy demand and Russia’s war on Ukraine strained global supplies, ratcheting up prices for everything from natural gas to diesel.
Net income adjusted for one-time items was $6.5 billion, the highest since the second quarter of 2012, while
free cash flow touched a level not seen in 17 years.
Chevron and its supermajor peers are among the biggest corporate winners from the war in Ukraine and Russia’s increasing isolation that sent crude prices to the highest in 14 years and European gas to all-time highs.
The California-based oil explorer’s earnings follow better-than-expected profits from French supermajor TotalEnergies SE and may contribute to Big Oil’s best profits since 2011.
Chevron has little financial exposure to Russia, unlike rivals
incurring multibillion dollar impairments.