Chevron Scores Record Full-Year Profit Of $365-B

Chevron reported a record full-year profit of $36.5 billion, buoyed by high oil prices. Adjusted earnings for the year more than doubled from the $15.6 billion Chevron earned in 2021 and up 36% from its previous record profit set in 2011, Chris Isidore reported for CNN.

Photo Insert: Ahead of the report Chevron announced it was hiking its dividend by 6% along with a massive $75 billion share repurchase plan.

The oil company’s fourth-quarter earnings came in at $7.9 billion, up 61% from a year earlier but less than the record quarterly income of $11.4 billion it reported for the second quarter.

The fourth quarter earnings per share of $4.09 fell short of the forecast of $4.38 a share from analysts surveyed by Refinitiv. But revenue in the quarter of $56.5 billion topped forecasts by nearly $2 billion and was up 17% from a year earlier. Full-year revenue of $246.3 billion was up 52% from 2021.

Ahead of the report Chevron, the nation’s second largest oil company, behind only ExxonMobil, announced it was hiking its dividend by 6% along with a massive $75 billion share repurchase plan.

The decision brought criticism from those who said oil companies should be investing their money in producing more oil and gasoline to increase supply and drive down prices for inflation-weary drivers.

“For a company that claimed not too long ago that it was ‘working hard’ to increase oil production, handing out $75 billion to executives and wealthy shareholders sure is an odd way to show it,” said Abdullah Hasan, assistant press secretary at the White House, in a tweet Wednesday evening after the share repurchase was announced.

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