Posted on 01/29/2023 7:51:55 AM PST by rktman
American oil company Chevron nearly doubled profits from 2021 to 2022, posting record-breaking annual earnings of $35.5 billion, the company announced Friday.
The company’s 2022 profit was roughly one-third greater than its previous record, set in 2011, and came off the back of high gas prices, The Wall Street Journal reported. The company reported an annual revenue of $246.3 billion, up from $162.5 billion in 2021, and a fourth quarter profit of $6.4 billion, with revenue at $55 billion.
“Again in 2022, we delivered on our financial priorities: returning cash to shareholders, investing capital efficiently, and paying down debt,” CEO Mike Wirth said, according to Chevron’s press release. “We’re also investing to grow both traditional and new energy supplies to meet increasing demand for affordable, reliable, and ever-cleaner energy.”
At its peak in early June, the average price for a gallon of gas was more than $5.
Chevron announced a $75 billion stock buyback on Wednesday, tripling its budget for shareholder payouts and setting an industry record for buybacks, according to Reuters. Share buybacks have been criticized by the Biden administration, which has called for oil companies to boost production to lower prices.
(Excerpt) Read more at dailycaller.com ...
Thanks to Joe Biden.
Take that, ESG.
Stock holders are happy.
Hope Chevron is spending wisely. Upgrading equipment and shoring up cash.
That is because the SELL the oil at market price but it costs them only a fraction of that to pump it out of the ground.
You’re right....Joe shut things down....existing companies increased their sales...voila...record profits.
I’m a stockholder. No complaints here. American capitalism at its finest. ESG be damned.
It is just a fraction of the additional funds that Russia has been taking in thanks to Western “sanctions”.
https://www.rt.com/business/569940-russian-energy-revenues-soaring/
Chevron is also moving their headquarters from San Ramon, California to Texas, possibly Houston. The business-toxic environment in CA finally drove them out.
GREAT to see Big Oil making bank on the backs of the Europeans and their insane Ukraine policy.
Well at least its an American company
Same here.
at part of its PR, Chevron needs to tell America out how many public employee and teacher union pension funds own their stock
Democrats bringing up windfall taxes in 4-3-2-1. The evil oil companies profiting on the backs of hard working americans.
It’s not Ukraine it’s the EPA and the bureaucrats…..
How did these companies make a profit kicking back several fortunes to Hunter?
“I’m a stockholder. No complaints here. American capitalism at its finest. ESG be damned.”
Yep, me too. Wokeism be damned.
Simple..... they didn’t
Governments made the kickbacks, not companies
I remember that crap from the ‘70s. My dad worked for an oil company from 1958 to 1989. Good work, but the oil companies were in the cross hairs of the democrats back then also.
😁👍
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