ChevronDue to rising oil and gas prices, the profit of the company more than quadrupled in the first quarter.

Oil giant Total reported earnings of $6.3 billion for the quarter, up from the $1.37 billion earned in the same period in 2021.

Chevron saw its revenue rise to $54.37billion, an increase of $32.03 billion in the first quarter 2021.

Chevron’s results are the result of a rise in commodity prices.

West Texas Intermediate crude futuresThe price of gold rose to $130.50 by March 1, a level not seen since 2008, when Russia’s invasion caused supply worries. International benchmark BrentThe highest point since 2008 was $140.

While prices may have fallen since then, they remain above $100. This has boosted the performance of energy companies.

CEO Michael Wirth stated that Chevron was doing its part in increasing domestic oil and gas supply. U.S. production increased 10 percent last quarter.

Premarket trading was flat for Chevron’s shares.

The oil company earned $3.36 per shares on an adjusted basis. Chevron did not meet expectations. Refinitiv’s estimates showed that Wall Street had expected Chevron to make $3.27 a share for $47.94 trillion in revenue. FactSet however, had a consensus estimate of $3.41 per share.