American Oil Giant Shatters Earnings Record On The Back Of Soaring Gas Prices

REUTERS/Marco Bello

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American oil company Chevron nearly doubled profits from 2021 to 2022, posting record-breaking annual earnings of $35.5 billion, the company announced Friday.

The company’s 2022 profit was roughly one-third greater than its previous record, set in 2011, and came off the back of high gas prices, The Wall Street Journal reported. The company reported an annual revenue of $246.3 billion, up from $162.5 billion in 2021, and a fourth quarter profit of $6.4 billion, with revenue at $55 billion.

“Again in 2022, we delivered on our financial priorities: returning cash to shareholders, investing capital efficiently, and paying down debt,” CEO Mike Wirth said, according to Chevron’s press release. “We’re also investing to grow both traditional and new energy supplies to meet increasing demand for affordable, reliable, and ever-cleaner energy.”

At its peak in early June, the average price for a gallon of gas was more than $5.

Chevron announced a $75 billion stock buyback on Wednesday, tripling its budget for shareholder payouts and setting an industry record for buybacks, according to Reuters. Share buybacks have been criticized by the Biden administration, which has called for oil companies to boost production to lower prices. (RELATED: Biden’s Energy Secretary Blames ‘International And Climate Events’ For Rising Gas Prices)

“For a company that claimed not too long ago that it was ‘working hard’ to increase oil production, handing out $75 billion to executives and wealthy shareholders sure is an odd way to show it,” White House assistant press secretary Abdullah Hasan tweeted Wednesday evening. The oil industry has criticized the Biden administration for making it more difficult to start new drilling projects.

Chevron plans to spend $17 billion on new production in 2023, up from $15 billion in 2022, according to Reuters.

The company set a record for U.S. production at 1.2 million barrels of oil per day, up 4% from the year prior, the WSJ reported. Worldwide, however, production slid by 3.2%, a 2.99 million barrel decline.

Chevron referred the Daily Caller News Foundation to their earnings call.

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