Posted on 01/29/2023 7:51:55 AM PST by rktman
Lol. 75 billion share buy back.
People are SO stupid and media feeds them
Yes profit Amounts are up but so is revenue.
Is the % of profit up?
Good for Chevron
That’s what business is all about
Get ready for Joe to start screaming about “Windfall profits” any moment now.
Unexpectedly!
I guess that means they have two choices. Put their surplus in a money market account making 0.05% interest or to drill more wells. Gee, I wonder which one they will choose.
Seems like several are investing in wind panels and solar mills or other “renewable” items. Almost like it’s all planned to do us in.
“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.”
Wish it was that easy to just set a price and have it stay there. But there are too many variables on pricing and sales before it hits the pump that reflect the ending outcome. Petroleum prices are determined by market forces of supply and demand, not individual companies, and the price of crude oil is the primary determinant of the price the public pays at the pump. Repeated in-depth investigations by the FTC have shown that changes in gasoline prices are based on market factors and not due to illegal behavior, and the American people are finger pointing rather than discovering the facts.
One of the biggest economic stories of 2022 has been high inflation, everything from fuel to food to entertainment has gotten more expensive over the past year. At the same time, wage growth hasn’t kept pace, leaving many feeling the pinch as they’re unable to buy the same things they could a year ago. And this applies to everyone to include Chevron employees. Plus many Americans have felt the pinch of higher inflation rates, and uncertainty about how the economy will respond to inflation has led to market volatility.
And with the Biden administration’s attack on the petroleum industry in the name (BS) of the climate change catch all limiting their natural growth they are forced to raise their prices to try to balance the books and stay with the inflation rates for their business just the same as everyone attached to fuel consumption is. And any other business as well. Look how many have closed up shop. And the gas industry supplies jobs to over 10 million people in the US.
So if you want to point the finger at someone, point it at the federal and state government policies that created the need for the price raising with all businesses while they will get more out of taxes than before. And that’s your money also as state taxes average 34.24 cents to gasoline and 35.89 cents to diesel for the gas people to pay. The federal government imposes an average gas tax of 18.3 cents per gallon on gasoline and 24.3 cents per gallon on diesel. So it means for every gallon of gas you buy at the pump the average tax you pick up is roughly 52+ cents a gallon beyond what the petroleum industry pays the government for the right to be a company.
I’m not picking on you. This entry is for everyone so they might consider where it has come from thus where it might go. And at the moment it is leaning toward overseas dependency more than ever. And wait till you see that bill.
wy69
Grow up.
Their percent of GP relative to price didn’t change and they gouged no one.
No one bitched when they lost money
100 % indeed
Record profits seem to indicate that Chevron could lower prices and still stay in business
How many good paying jobs are they providing which in turn provides financial security for families? LOTS!
If the board and the stockholders say so, then yes. No one else should have any say.
I agree but I don’t like paying high prices while the company I’m buying from has record profits
One lesson is the the “good intentions” of the left don’t work out as intended.
The left convinced Biden to wage war on fossil fuel and fossil fuel business. They clearly intended to hurt big business.
Instead they hurt the working poor who cannot afford gas to get to work.
In government, in business, in personal life, we need to understand and think thru...not how we wish and dream of things happening...but how things really do happen in reality.
All government regulation hurts the poor more that the rich. One obvious reason is the rich can afford lawyers and accountants to do creative arrangement of life.
HAS EVERYONE HERE GONE BRAIN DEAD???
CHEVRON IS OWNED BY VENEZUELA, TECHNICALLY AN AMERICAN COMPANY. A SOUTH AMERICAN COMPANY!!!
DON’T TAKE MY WORD FOR IT, JUST GOOGLE IT!!!
SNIFFIN’ TOO MANY GAS FUMES HERE???
“... seem to indicate ...”
That reads like weasel words. Maybe your claim works in theory?
Do they need to keep their shareholders happy?
Is shareholder satisfaction reflected in the stock price?
Do the pay-for-performance criteria reward key employees for the company to be profitable; or for the stock price to be high?
In a dynamic (ever-changing) marketplace it is not easy to make a profit. These companies don’t just run themselves; they need to grow to survive.
I don’t know what kind of economic model you recommend. Feel free to share it with us FReepers.
Chevron is NOT Citgo.
Please post your sources. (or be exposed as a troll)
YOU’RE RIGHT. I CONFUSED CITGO AND CHEVRON. MY BAD. SORRY ABOUT THAT!
“Record profits seem to indicate that Chevron could lower prices and still stay in business”
If you mean the petroleum business, maybe. When the prices of bread and milk continue to grow, their employees have to eat too. The inflation rate for everyone is astronomical, to include them.
Major companies are not just that company even though they are investing in themselves. In 2021, Chevron launched CNE to accelerate lower carbon business opportunities in CCUS, hydrogen, renewable fuels and products, offsets, and emerging technologies. Chevron plans to invest $10 billion in lower carbon projects through 2028 and remains committed to collaborating in new ways to accelerate progress for businesses so the savings can be passed. Chevron has been investing in hydrogen research and development for decades and holds more than 75 patents from early commercial ventures that are applicable to the US future development plans. Chevron has investments all over the world to stay with the competition which now also includes the US governments. Investment and expanding is just how business works in the US. If Chevron gets too high, people can and will take their business elsewhere. I can remember when bread was a nickel a loaf. Not nowadays.
And surprisingly the way this article is written going after Chevron, there are four petroleum companies ahead of Chevron in revenue with three ahead in profit last year. The four are Exxon Mobile, Shell, Total Energies, and BP. In profit, Exxon, Shell, and Total Energies. I guess it was Chevron’s turn or some congressperson had stock in others and didn’t want the market to speculate down.
wy69
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