(Investing) – Chevron said on Thursday its upstream earnings were expected to rise by $1.6 billion to $2.2 billion in the first quarter versus the fourth quarter of 2025, driven by surging oil and gas prices from volatility linked to the Iran war.
The conflict, which began on February 28, sent oil prices skyrocketing as much as 65%, with some oil and gas fields in the Middle East shutting production after the Strait of Hormuz – a conduit for a fifth of global energy flows – was effectively closed.
Benchmark Brent crude prices averaged $78.38 per barrel during the first quarter, up 24% from the previous three months, according to data compiled by LSEG.
Chevron’s net oil‑equivalent production is expected to average 3.8 million to 3.9 million barrels per day, with volumes affected by downtime at Kazakhstan’s Tengizchevroil project and reduced output in parts of the Middle East.
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