Chevron posts highest profit in eight years on surging oil, gas prices

By Sabrina Valle

HOUSTON (Reuters) – Chevron Corp on Friday posted its highest quarterly profit in eight years on surging oil and gas prices and as a recovery in motor fuel demand that boosted refining margins.

The strong results came a day after top executives from major oil companies were grilled by U.S. lawmakers for the industry’s past dismissals of climate warming.

Chevron earnings in part reflect gains from higher demand after the industry’s deep production cuts last year during the pandemic.

The company posted net income of $6.11 billion, or $3.19 per share, compared with a loss of $207 million, or 12 cents per share, a year ago. Its oil fetched nearly twice as much as a year ago and its U.S. produced gas sold for three times as much as a year ago.

(Reporting by Sabrina Valle in Houston and Arathy S Nair in Bengaluru; editing by Maju Samuel and Jason Neely)

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