New Telegraph

Chevron posts $36.5bn profit for 2022

Chevron on Friday posted a $36.5 billion profit for 2022. The profit more than double year-earlier earnings, but it fell shy of Wall Street estimates, undercut by asset write downs and rising costs, according to Reuters. The multinational which is the second largest U.S. oil producer’s adjusted net profit for 2022 exceeded its previous record set in 2011 by about $10bn. However, higher expenses and weaker oil and fuel profits left fourth quarter earnings 6.6% below Wall Street’s forecast, according to Refinitiv data.

Chevron shares were down 1.5% in pre-market trading at $184.85. Its results kick off what promises to be nosebleed- level earnings for global energy suppliers. High prices from strong demand and shortages since Russia’s invasion of Ukraine position Western energy firms to show a combined $200bn profit for the year, according to analysts. This season’s earnings have already put energy stocks at the top of industry returns as more companies lift their payouts to shareholders. The record shareholder payouts could stir fresh calls for windfall taxes.

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