Chevron has its best quarter since 2014, reflecting an oil industry turnaround.

▤ Summary

It was the company’s best financial performance since 2014, reflecting the sharp turnaround for the entire industry. Chevron, along with other major oil companies, has shifted its emphasis from expanding exploration as prices rise to a more disciplined, cautious approach to avoid a new glut and renewed slump in prices. So far that strategy has worked even in the face of growing criticism that the oil industry is not addressing investor concerns about climate change fast enough. The profit compared with a loss of $665 million for the period in 2020 on revenue of $25 billion. The improved results were powered by oil prices that reached a seven-year high in late 2021 and have continued to rise to more than $80 a barrel.

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