AI Summary

Chevron beat first-quarter expectations as higher oil prices lifted upstream earnings, offsetting a sharp swing to losses in refining. Adjusted earnings came in at $1.41 per share, well above expectations. Upstream delivered $3.9 billion, up 4% year-on-year, as crude prices surged during the quarter. Brent spent much of the period moving higher on disruptions tied to the Iran conflict and the effective shutdown of flows through the Strait of Hormuz. For Chevron, that price move did the heavy lifting for the quarter. Chevron’s production footprint…

AI summaries can be wrong sometimes—always verify important details using the source article.