New Telegraph

Q3 2022: Chevron posts $11.2 billion earnings

Chevron Corporation has posted earnings of $11.2 billion for the third quarter of 2022. This represents $5.1billion increase when compared with $6.1 billion in the third quarter of 2021.

Sales and other operating revenues in third quarter 2022 were $64 billion, compared to $43 billion same period last year.

The multinational oil company, during the quarter, paid dividends of $2.7 billion (6 per cent higher per share than third quarter 2021), increased investments by over 50 per cent from last year, paid down debt for the sixth consecutive quarter, and repurchased $3.75 billion of shares (more than 1 per cent of shares outstanding).

Chevron’s Chairman and Chief Executive Officer, Mike Wirth, expressed delight over the corporation’sfinancial feat.

He said: “We delivered another quarter of strong financial performance with return on capital employed of 25 per cent,”

“At the same time, we’re increasing investments and growing energy supplies, with our Permian production reaching another quarterly record.

“We’ve also taken important steps to position both our traditional and new energy businesses to help meet the world’s growing demand for our products

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