American oil company shatters earnings record on the back of soaring gas prices

dailycaller.com ^ | 1/27/2023 | JOHN HUGH DEMASTRI

[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.

[Night Hides Not]

Since you did it in ALL CAPS, your apology is accepted! lolol

[TigerHawk]

CAPS ARE CONSEQUENCE OF EYE PROBLEMS NOT EMPHASIS OR EMOTIONS.

[1Old Pro]

I think I bought it around 5 years ago when oil stocks were in the doldrums. It was flat for a few years and now finally I'm getting some good returns over the 5 year holding period. Same thing with my purchases of defense industry stocks last year. Once people realize that our war with Russia in Ukraine will last decades these stocks will double.

[bigdaddy45]

I’ve had it since 2007. Buy and hold is the way to go.

[mulligan]

Thanks to our incompetent government.

[Night Hides Not]

You can also tap on CTRL and the plus sign to increase the size of the font. CTRL and the minus sign will reduce it.

I feel your pain, I'll be 70 in less than a year and a half, and I size the font on my work computer at 150% to ease the eye strain.

[Bonemaker]

The gonef state and federal governments make a tidy sum of “protection” money themselves without lifting a finger.

[frogjerk]

Then buy someone else’s product. You are “Free to Choose”

[Political Junkie Too]

Share buybacks have been criticized by the Biden administration, which has called for oil companies to boost production to lower prices.

You can't just "boost production," as there is a science to depleting an oil reserve.

Geologists plot out a decline curve that optimizes the production of a reservoir that requires both producing wells and injection wells that maintain the pressure as the oil is taken out.

Over-producing a field can damage the oil reservoir.

Also, boosting production by drilling new wells is a multi-year process. First, they have to drill exploratory wells in new leases to find oil, then they have to drill test wells to determine flow rates and reservoir boundaries, then they have to drill the producing wells, all while building the field infrastructure to handle the waste that is also produced.

-PJ

[rktman]

Most folks think a simple opening the valve a little more is all it takes. Not quite that easy.

[Blood of Tyrants]

You forgot the /sarc tag

[frogjerk]

You forgot the /sarc tag

yes, i know