by Sabrina Valle
HOUSTON (Reuters) – Chevron on Friday reported record 2022 profit of $36.5 billion, more than double from a year ago but still below expectations due to asset writedowns. assets and lower oil and gas prices.
The annual adjusted net profit of the second largest American oil producer is 10 billion dollars higher than the previous record profit which dates back to 2011.
It was lower than the consensus estimate of $37.2 billion, however, due to asset write-downs of $1.1 billion in the group’s international oil and gas business.
On the New York Stock Exchange, Chevron shares fell 1% in pre-market transactions.
In the fourth quarter alone, adjusted earnings were $7.9 billion, or $4.09 per share, up 61% year on year.
For 2022, Chevron’s cash flow, a closely tracked metric, was up $15 billion from a year earlier.
The oil major announced on Wednesday that it would triple its share buyback envelope to $75 billion, prompting criticism from the White House, which has called on companies to invest in order to lower costs. prices for consumers.
(Sabrina Valle report; Blandine Hénault for the French version, edited by Nicolas Delame)
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