Chevron released its Q4 and full-year 2022 earnings on Friday, reporting a record annual profit of $35.5B.
The oil giant generated $56.47B in total revenues in Q4 and $246.25B for the entire year. Q4 net income came in at $6.35B, or $3.34 a share, up from $5B reported in the same period last year.
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- FY 2022 net income was $35.5B, or $18.36 a share, more than double the $15.6B reported in FY 2021 and a record for the oil company.
- On Wednesday, Chevron announced a $75B stock repurchase program effective April 1 and over five years.
- The move follows a $25B stock buyback plan enacted in 2019 that is set to expire at the end of March.
- The White House objected to Chevron’s plan to triple its spending on share repurchases, wanting the company to lower the price at the pump.
- The average price for a gallon of gasoline crossed the $5 mark for the first time in the U.S. in 2022.
- Chevron also increased its dividend payout from $1.42 to $1.51 per share and will distribute the payment on March 10.
- Chevron shares rose more than 50% in 2022.
