Chevron reports earnings miss for fourth quarter, but still records record annual profit
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Chevron chief financial officer Pierre Breber said items such as exploration costs and stock-based compensation can be moving targets that are difficult for analysts to anticipate. The company’s shares ballooned 53 per cent in 2022, the most in data going back to 1981.Article content Analysts and investors will be listening closely for more information on the writedown when chief executive officer Mike Wirth and Breber host a conference call at 11 a.m. New York time.
The blockbuster annual profit is likely to irk oil-industry critics in the White House and Congress already incensed by the second-largest U.S. oil explorer’s announcement just days ago of plans to repurchase US$75 billion of its own stock. The amount devoted to buybacks would be enough to buy Occidental Petroleum Corp. or almost any other domestic competitor.Article content
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