Daily Stock Market Reports

Petroleum companies report higher Q1 earnings


$100 crude oil has resulted in a sharp reversal of finances throughout the oil and natural gas industry.

International integrated companies – such as Exxon Mobil Corp. and Chevron – reported strong first quarter earnings as did international service companies Schlumberger and Halliburton. Valero, a large Texas-based company in the refining sector, also reported increased revenues during the first quarter 2022.

However, companies with operations in Russia will be hit hard as they cease operations because of Russia’s invasion of Ukraine.

Exxon Mobil reported earnings estimate of $5.5 billion, which included an unfavorable identified item of $3.4 billion associated with the company’s planned exit from Russia.

First-quarter 2022 results compared to fourth-quarter 2021 include upstream $4.5 billion compared to $6.1 billion, downstream $300 million compared to $1.5 billion, and chemicals $1.4 billion compared to $1.9.

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Production declined 4% during the first quarter to 3.7 million barrels of oil equivalent per day.

Chevron Corporation reported earnings of $6.3 billion for first quarter 2022, compared with $1.4 billion in first quarter 2021. 

“First quarter financial performance saw return on capital employed increase to 14.7% and our balance sheet strengthens further,” said Mike Wirth, Chevron’s chairman and chief executive officer. The company’s debt ratio and net debt ratio declined to 16.7 and 10.8 percent, respectively. 



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