(Boursier.com) — Chevron , the American oil major, took advantage in 2022 of the soaring prices of black gold, generating a record annual profit of 35.5 billion dollars, more than double the previous year (15.6 billion). Annual cash flow from operations hit a record $49.6 billion, while free cash flow was $37.6 billion. Nevertheless, last quarter profits came in below expectations, with asset write-downs and lower oil and gas prices.
Quarterly net income reached $6.35 billion, $3.33 per share, from $5.06 billion a year ago. Excluding one-time items, adjusted earnings per share were $4.09 for the quarter, versus FactSet consensus of $4.33. Sales rose 17% to $56.5 billion, versus a consensus of $52.7 billion. Net production of oil equivalent fell by 3% to 3.01 million barrels per day. For upstream business, which includes exploration and production, profits in the United States fell 12% to 2.62 billion, while international profits jumped 31% to 2.87 billion. “We achieved record earnings and cash flow in 2022, while increasing capital expenditure and building U.S. production to a record level for the business,” said chief executive Mike Wirth.
Chevron had announced yesterday its intention to triple its envelope allocated to share buybacks to bring it to 75 billion dollars, arousing the indignation of the White House – known of course for its rigorous management (!).
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