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Chevron said on Thursday it expected a $1.6 billion boost to its first-quarter upstream earnings.
Chevron expects a $1.6 to $2.2 billion increase in Q1 upstream earnings versus Q4 2025.
KEY POINTS
- Oil prices surged up to 65% after the Strait of Hormuz closure due to the Iran war.
- Chevron's net oil-equivalent production will be 3.8–3.9 million barrels per day, impacted by project downtime.
- Chevron anticipates a $2.7 to $3.7 billion after-tax reduction in Q1 earnings from hedging and accounting effects.
COMPANIES
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