(AOF) – American oil company, Chevron posted a record annual profit of 35.5 billion dollars in 2022, more than double in 2021: 15.6 billion dollars (8.14 dollars per share – diluted). Its adjusted earnings are $36.5 billion ($18.83 per share – diluted) in 2022, compared to adjusted earnings of $15.6 billion ($8.13 per share – diluted) in 2021. , the oil group’s sales and other operating income rose from 45.8 to 54.5 billion dollars between the fourth quarter of 2021 and the fourth quarter of 2022.
However, last quarter profits came in below expectations, with asset write-downs and lower oil and gas prices. Earnings per share came in at $4.09, which was below the consensus of $4.27.
Chevron’s annual cash flow from operations hit a record $49.6 billion in 2022, while free cash flow was $37.6 billion.
“We delivered record earnings and cash flow in 2022, while increasing U.S. investment and production to a company record,” commented Mike Wirth, president and CEO of Chevron.
“The company’s investments increased by more than 75% compared to 2021, and annual American production increased by 1.5%”, specifies the CEO.
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Biogas to green activities
Obtained through the decomposition of waste, it falls into the category of green energy. It is part of the strategy of many countries, particularly in Europe, to reduce their dependence on hydrocarbon imports. The oil groups have strong ambitions in the field, as revealed by two recent operations. The British BP took over the American Archaea Energy for 4.1 billion dollars. Then, the Anglo-Dutch, Shell, announced the acquisition of the Danish Nature Energy for 2 billion dollars. These transactions show high valuation levels, underlining the strong potential of the sector. TotalEnergies had already taken a stake in the American Clean Energy Fuels Corp in 2018, of which it now holds 19%. It recently joined forces with Veolia to recover biomethane from waste treatment facilities.