Chevron’s profit for 2022 was undercut by asset writedowns and a retreat in oil and gas prices
on Friday posted a record $36.5-billion profit for 2022 that was more than double year-earlier earnings but fell shy of Wall Street estimates, undercut by an asset writedowns and a retreat in oil and gas prices.
Industry earnings already have put energy stocks at the top of market returns as companies lift their payouts to shareholders. The latest figures could stir fresh calls for windfall taxes.buy back its own stock Chevron last year paid $26-billion in dividends and buybacks to shareholders and invested $15.7-billion. Chevron says it is raising capital expenditure to $17-billion in 2023, two thirds of it in the United States, where output is up 4 per cent.
In the final quarter, Chevron posted adjusted earnings of $7.9-billion, or $4.09 per share, up 61 per cent from a year ago.
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