Wednesday, March 29, 2023

Chevron to earn $35,465 million in 2022, up 126% from 2021

The second oil producer in the United States raised its billings to 246,252 million in 2022, up 51% year-on-year from the 162,465 achieved in 2021, in a sequence where strong demand and oil shortages will Due to which the price of oil increased again. Ukrainian War.

In the fourth quarter of last year, the oil company posted a profit of 6,353 million, up 25% compared to the same period in 2021, while its revenue stood at 56,473 million, up 17% from the 48,129 million recorded between October and December of the previous year. was more

Translated into shares, Chevron shares posted a cumulative gain of $18.28 in 2022 and $3.33 last quarter.

For the entire past year, the company produced 3 million barrels of oil-equivalent products per day, representing a decrease of 3% compared to the previous year.

Texas barrel prices closed at $81 a barrel on Thursday.

“In 2022, we deliver record earnings and cash flow while driving record US investment and production growth for the company,” CEO Mike Wirth said.

Wirth also emphasized that the oil company has met its financial priorities, which he listed as returning money to shareholders, investing capital efficiently and paying down debt.

To put this in context, Chevron’s annual free cash flow is projected to grow to $37.6 billion in 2022, up 78% from the $21.1 billion with which it ended its 2021 fiscal year.

The company also announced approval of a $75 billion share repurchase program.

The results had a negative reception on the stock market, as they were weaker than expected, and Chevron shares fell nearly 4% this morning. Their value has increased by 53% in the last year.

After the announcement of its results, the data presented by the oil giant did not reassure investors and in electronic operations before the opening of Wall Street, its shares fell 1.22%.

Nation World News Desk
Nation World News Desk
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