[rktman]

Guess joementia will be on the Christmas list again this year. Pretty sure no one on CONgress made any money off this right? 🤔🐂💩

[bray]

Thanks to Joe Biden.

[Uncle Miltie]

Take that, ESG.

[Blood of Tyrants]

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.

[fireman15]

posting record-breaking annual earnings of $35.5 billion,

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/

[BobL]

GREAT to see Big Oil making bank on the backs of the Europeans and their insane Ukraine policy.

[escapefromboston]

Well at least its an American company

[pas]

Democrats bringing up windfall taxes in 4-3-2-1. The evil oil companies profiting on the backs of hard working americans.

[RWGinger]

People are SO stupid and media feeds them
Yes profit Amounts are up but so is revenue.
Is the % of profit up?

[Nifster]

Good for Chevron

That’s what business is all about

[ProtectOurFreedom]

Get ready for Joe to start screaming about “Windfall profits” any moment now.

[crusty old prospector]

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.

[Vendome]

Grow up.

Their percent of GP relative to price didn’t change and they gouged no one.

No one bitched when they lost money

[TigerHawk]

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???

[mulligan]

Thanks to our incompetent government.

[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