Close Menu
    Facebook X (Twitter) Instagram
    Pro Magzine
    • Home
    • News
      • Top Stories
      • USA
    • Entertainment
      • Movies
      • Celebrity
      • Web series
      • Net worth
    • Business
    • Health
      • Fitness
      • Food & Drink
    • Lifestyle
      • Tattoos
      • Fashion
      • Love & Relationship
      • Messages
      • Sports
      • Travel
    • Tech
      • Internet
      • Gaming
      • SEO
      • Software
      • Tips
    • More
      • Trending
      • Crypto
      • Dogecoin
      • Pets
      • Real Estate
    Pro Magzine
    Home»Business»Income at Chevron hits an all-time high.

    Income at Chevron hits an all-time high.

    EmilyeBy EmilyeJanuary 27, 2023No Comments3 Mins Read
    Income at Chevron hits an all-time high.

    Income at Chevron hits an all-time high. Due to the rise in oil prices, Chevron announced a record annual profit of $36.5 billion.

    More than double from $15.6 billion in 2021, Chevron’s adjusted earnings for the year were up 36% over the company’s previous high profit achieved in 2011.

    Profits for the oil business in the fourth quarter totaled $7.9 billion, up 61% from the same period a year ago but lower than the record quarterly profit of $11.4 billion recorded in the second quarter.

    Fourth-quarter earnings per share of $4.09 fell short of the $4.38 per share predicted by analysts polled by Refinitiv. However, quarterly sales of $56.5 billion were over $2 billion higher than expected and up 17% year over year.

    Read more: The Nasdaq rose by 1% after a robust GDP report, and Tesla’s stock rose by 8% on profits.

    Yearly sales of $246.30 billion were up 52% from $201.1 billion in 2021.

    In the hours before the market opened, Chevron’s (CVX) stock fell by more than 1 percent.

    Chevron, the United States’ second largest oil firm behind ExxonMobil, announced a 6% dividend increase and a hefty $75 billion share repurchase plan on Thursday, ahead of Friday’s report. Those who believe oil firms should put their money towards producing more oil and gasoline to improve supply and bring down costs for inflation-weary drivers have voiced their disapproval of the decision.

    As White House press secretary Abdullah Hasan tweeted Wednesday night, “handing out $75 billion to executives and affluent shareholders sure is a funny way to demonstrate it,” given the company’s recent claims that it was “working hard” to raise oil production.

    On Friday, Chevron announced a 75 percent increase in operational investments and a rise in annual US output to 1.2 million barrels per day.

    Up 43% from the $8.6 billion spent in 2021, the $12.3 billion spent on capital expenditures and exploration in 2022 was slightly more than the $11 billion paid out in dividends and the $11.3 billion spent on share repurchases.

    The skyrocketing oil prices during the year, rather than increased output, were principally responsible for the record profit.

    After Russia invaded Ukraine in 2022, oil and gasoline prices skyrocketed, benefiting Chevron and other big oil businesses. Russia is a leading oil exporter, but sanctions imposed on the country after the invasion jacked up commodity prices worldwide, including the cost of oil.

    In early June, futures for a barrel of Brent crude oil, the global benchmark, closed at a record high of $123.58, up more than 50% from six months before the war. A week later, the average price of a gallon of regular gas in the United States broke the $5 mark, reaching a record high of $5.03.

    In contrast, oil and gas prices have dropped dramatically since then. Brent finished Thursday at $87.47, down a little from the same time last year, while the national average price of a gallon of regular gas is $3.51, up a little from $3.35.

    Lifting the Chinese government’s Covid lockout limits has contributed to a recent cost increase. Market participants see that as a positive indicator of global demand for oil and gasoline. Winter weather-related issues at refineries are also contributing to pricing increases.

    In the United States, the average price of a gallon of standard gasoline has increased by about 12 cents in the past week and by 41 cents, or 13%, in the past month. In just three weeks, the price of Brent oil has risen by 12 percent.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Emilye

    Related Posts

    Housewarming Gift Ideas

    June 11, 2025

    The Secret to Scaling: CRM by Rocket and the Future of Smart Business Management

    April 13, 2025

    How a Virtual Receptionist Service Can Save Your Business Time and Money

    April 3, 2025
    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    Top Posts

    Housewarming Gift Ideas

    June 11, 20252 Views

    How to Incorporate Puns in Calls to Action for Better Results

    May 28, 20254 Views

    Edge AI Solution for Traffic Management with NVIDIA Jetson AGX Orin

    May 4, 20259 Views

    Soft Semiconductors: Designing for Flexibility Without Performance Trade-Offs

    April 29, 20258 Views

    The Complete Guide to Buying Central Vacuum Systems Online

    April 24, 202515 Views

    Reasons Why a Meditation Retreat in Malaysia Should Be Your Next Getaway

    April 14, 20258 Views

    The Secret to Scaling: CRM by Rocket and the Future of Smart Business Management

    April 13, 202519 Views

    Maximize Your Hunting Success with the Right Gear and Equipment

    April 3, 20255 Views

    Impact of New Tariffs on the Cosmetics Industry and How Innovative Solutions Address the Challenges

    April 3, 202542 Views

    AI-Driven Government Proposal Analytics: Turning Data Into Competitive Advantage

    April 3, 202516 Views
    • Home
    • Privacy Policy
    • About Us
    • Disclaimer
    • Contact Us
    © 2025 Pro Magzine. Designed by GP.

    Type above and press Enter to search. Press Esc to cancel.