U.S. Oil Giant Posts Record Profits

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Citing high gas prices during 2022 and record production numbers, one U.S. oil giant has announced that they posted record profits during the year after they released their 2022 fourth-quarter report on Friday.

Chevron Corporation, the California gas giant, says that their earnings last year more than doubled their 2021 totals, jumping from $15.6 billion to $35.5 billion. The record profits were driven heavily by their incredible annual cash flow from their oil operations, which topped out at staggering $49.6 billion dollars.

“We delivered record earnings and cash flow in 2022, while increasing investments and growing U.S. production to a company record,” Chevron’s chairman and CEO Mike Wirth said in a statement.

Chevron, along with leading U.S. oil producer ExxonMobil, who is expected to release their earnings report next week, benefitted mightily from higher gas prices prompted by the Russia-Ukraine war and the sanctions on Russian crude that were brought down due to the invasion.

Not only did Chevron post record profits, but they also put forth a 75% increase in investments during 2022, surging oil production in the U.S. to 1.2 million barrels per day.

“We are well positioned to lead in both traditional and new energy businesses, while delivering higher returns, lower carbon and superior shareholder value,” Wirth said.

The profit announcement comes after Chevron announced its controversial decision to increase its share buyback program, which is typically used to bolster stock prices. The White House heavily criticized the decision, accusing them of giving "handouts" to the wealthy.

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