Chevron profits rise on higher oil prices amid US-Iran tensions and production growth.

Chevron reported a strong first quarter with earnings per share beating estimates by $0.44, driven by a 21% quarter-over-quarter increase in realized crude prices and a 29% rise in upstream profits. The company’s production growth is supported by expansions in the Permian Basin and Guyana, following acquisitions of PDC Energy and Hess. Despite missing revenue targets by $4.1 billion, Chevron is expected to benefit from ongoing geopolitical tensions between the US and Iran, which disrupt oil supply and keep prices elevated. The outlook remains positive with expectations of sustained higher oil prices, robust earnings, and increased shareholder returns through buybacks.