Chevron records $35.5 billion profit, its highest ever

The U.S. oil company in its quarterly earnings reported Friday that it collected $35.5 billion in its highest-ever annual profit in 2022, more than double the prior year and about one-third higher than its previous record in 2011. Almost $50 billion in cash streamed in from its oil-leveraged operations, another record underpinning plans to pay investors through a new $75 billion share-repurchase program over the next several years.

That payout, announced Wednesday, is roughly equivalent to the stock-market value of companies such as the big-box retailer Target Corp., the pharmaceutical firm Moderna Inc. and Airbnb Inc.

Chevron, the second-largest U.S. oil company after Exxon Mobil Corp., posted revenue of $246.3 billion, up from $162.5 billion the previous year. The San Ramon, Calif., company reported a fourth-quarter profit of $6.4 billion, up from $5.1 billion in the same period the prior year.

Chevron Rides High Oil Prices to Record $35.5 Billion Annual Profit – WSJ