Chevron Turned $3.1 Billion Loss Into A Gain In One Quarter Amid 'Heightened Volatility' During Iran War

Chevron’s quarterly results turned a $3.1 billion loss into a profit as shares rose about 1.4% to roughly $188 per share Thursday. The company reported net income of $12.1 billion, well above the $2.5 billion it posted in the same period last year, helped by higher production volumes and market impacts from the Iran war. Brent crude averaged $81 per barrel in the first quarter, then climbed to an average of $92 amid rising fears around the conflict. Chevron’s net short position in commodity derivatives means it can benefit when oil prices fall, and its earnings benefited after Brent dropped toward $73 in time for the reporting window. Meanwhile, Phillips 66 said it became the third-largest buyer of Venezuelan crude, citing maritime trading exemptions.