• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 16 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 days The United States produced more crude oil than any nation, at any time.
  • 3 hours How Far Have We Really Gotten With Alternative Energy
  • 2 days e-truck insanity
  • 8 days China deletes leaked stats showing plunging birth rate for 2023
  • 9 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 6 days Bad news for e-cars keeps coming

Chevron Reports Record-Breaking Profits For 2022

Chevron (NYSE: CVX) reported on Friday its highest annual profit ever as its adjusted earnings for last year more than doubled from 2021 to hit $36.5 billion on the back of higher oil and gas prices and record U.S. production.

Chevron, the first of Big Oil to report fourth-quarter and full-year 2022 profits this earnings season, said that its 2022 adjusted earnings surged to $36.5 billion, from earnings of $15.6 billion for 2021.

Apart from record earnings, Chevron booked record annual cash flow from operations, at $49.6 billion, and free cash flow of $37.6 billion in 2022. The U.S. supermajor also saw its annual U.S. oil and gas production hit a record high.

Still, adjusted earnings for the fourth quarter of $7.9 billion, or $4.09 per share, fell short of Wall Street projections of $4.33 EPS. Included in the fourth quarter were $1.1 billion of international upstream write-off and impairment charges, Chevron said.

The earnings miss sent Chevron’s shares down by 1.75% in pre-market trade in New York.

Commenting on the 2022 earnings, Chevron’s chairman and CEO Mike Wirth said in a statement, “We delivered record earnings and cash flow in 2022, while increasing investments and growing U.S. production to a company record.”

Chevron increased investments by more than 75% from 2021, and annual U.S. production increased to 1.2 million barrels of oil equivalent per day, led by 16% growth in shale production in the Permian.

Chevron’s profit and other expected record earnings from Big Oil are set to draw renewed criticism from the Biden Administration now that gasoline prices in America have increased for four straight weeks.  

Chevron is a case in point from yesterday: the company announced this week a $75 billion share buyback program without a fixed expiration date, which immediately drew criticism from the White House. 

White House Assistant Press Secretary Abdullah Hasan said, commenting on the news, “For a company that claimed not too long ago that it was ‘working hard’ to increase oil production, handing out $75 billion to executives and wealthy shareholders sure is an odd way to show it.”

ADVERTISEMENT

By Michael Kern for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • George Doolittle on January 27 2023 said:
    So Abdullah can't stand Venezuela, got it. Any other news to report on today? Refinery in Southern Mexico, *"Rivera"* operational as of yet?

    Guyana suddenly a problem for the entire World? How about Tesla that also another *"pandemic of electrons!"* that needs dealing with as well too? Time on target to nail Moscow suddenly well nigh now alternative be Never Never Land. How about a full throated Land invasion of Mexico by the USA? Is that imminent now as well? Best yet what *ISN'T* on the table as far as counteracting the Free Money WMD at the moment? Something about *"lightning fast!"* keeps ringing in my ears for some reason.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News