Chevron attained a record profit in 2022, following a surge in both commodity prices and domestic oil production. The company stated on Friday that adjusted earnings in 2022 were $36.5 billion; more than doubling from the previous year.
Despite its surge in earnings, Chevron still missed profit estimates by a narrow 18 cents, with the company’s stock trading 1% lower on Friday morning. This comes after the company’s profit rose on Thursday by its most in almost four months. The rise came after the oil giant announced a $75 billion share-buyback program.
Although a decision celebrated by investors, the White House expressed concern over Chevron’s buyback program, releasing the following statement in response:
“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.”
Last year, Chevron returned $22 billion to investors in the form of buybacks and dividends. Chief Financial Officer Pierre Breber insists that the company is still on track to increase supply and reduce costs for consumers as the White House suggested.