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Chevron annual profit hits record

SABRINA VALLE REUTERS

HOUSTON- Chevron Corp. on Friday posted a record Us$36.5-billion profit for 2022 that was more than double year-earlier earnings, but the bottom line fell shy of Wall Street estimates, undercut by asset writedowns and rising costs.

The second largest U.S. oil producer's adjusted net profit for 2022 exceeded its previous record set in 2011 by about $10 billion. Still, higher expenses and weaker oil and fuel profits left fourth-quarter earnings 6.6 per cent below Wall Street's forecast, according to Refinitiv data.

Chevron shares were down 1.5 per cent 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 $200 billion profit for the year, according to analysts.

BUSINESS

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2023-01-28T08:00:00.0000000Z

2023-01-28T08:00:00.0000000Z

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