Chevron’s profit more than doubles in one year and hits record

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Chevron posted a record annual profit of $36.5 billion, boosted by high oil prices.

Adjusted profit for the year more than doubled from the $15.6 billion Chevron earned in 2021 and increased 36% from the previous record profit set in 2011.

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The oil company’s fourth-quarter earnings reached $7.9 billion, up 61% from a year earlier, but below the record quarterly profit of $11.4 billion reported in the second quarter.

Fourth-quarter earnings per share of $4.09 missed the $4.38 per share forecast by analysts polled by Refinitiv. But quarterly revenue of $56.5 billion beat forecasts by nearly $2 billion and was up 17% year-over-year.

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Annual revenue of $246.3 billion is up 52% ​​from 2021.

Shares of Chevron (CVX) were down slightly more than 1% in premarket trade.

Source: CNN Brasil

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