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Chevron Rides High Oil Prices to Record $35.5 Billion Annual Profit

January 27, 2023

Chevron Corp. banked historic profit last year as the pandemic receded and the war in Ukraine pushed oil prices to multiyear highs, with its shares climbing 53% while other sectors tumbled.

The U.S. oil company in its quarterly earnings reported Friday that it collected $35.5 billion in its highest-ever annual profit in 2022, more than double the prior year and about one-third higher than its previous record in 2011. Almost $50 billion in cash streamed in from its oil-leveraged operations, another record underpinning plans to pay investors through a new $75 billion share-repurchase program over the next several years.

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