Chevron CEO Mike Wirth said the company is investing to grow both traditional and new energy business lines and that Chevron's oil and gas production are up.
"Chevron is doing its part to grow domestic supply with U.S. oil and gas production up 10% over first quarter last year," Wirth said in a statement.
ExxonMobil said in its report that withdrawing from Russia cost it $3.4 billion.
"The quarter illustrated the strength of our underlying business and significant progress in further developing our competitively advantaged production portfolio," ExxonMobil CEO Darren Woods said in a statement.
Chevron's earnings report came as some Democrats in Congress accused Big Oil of price gouging and called for more authority to punish companies that do so. File Photo by Gary I Rothstein/UPI
"Earnings increased modestly, as strong margin improvement and underlying growth was offset by weather and timing impacts. The absence of these temporary impacts in March provides strong, positive momentum for the second quarter."
ExxonMobil said "oil equivalent" production was 3.7 million barrels a day, down 4% from the fourth quarter of 2021.
TotalEnergies also reported a net income of almost $5 billion for the January-March period. it said it absorbed a $4.1 billion hit for Russia. Marathon Oil said last month that it will report first-quarter earnings next week.
According to AAA, the national average for gas in the United States Friday was $4.16 per gallon. It said that gasoline is still over $5 per gallon in California, Hawaii and Nevada.