Chevron doubled its annual profits in 2022

Inspenet, February 1, 2023

Chevron Corp. reported a record profit of $36.5 billion in 2022, more than double the previous year but below Wall Street estimates, due to depreciating assets and falling oil and gas prices.

Adjusted net profit for America’s second-largest oil producer for 2022 surpassed its previous record, set in 2011, by about $10 billion. However, $1.1 billion in writedowns at its international oil and gas operations in the fourth quarter left earnings below estimates of adjusted net income of $37.2 billion.

The Chevron numbers kick off what promises to be a period of high profit reporting from the world’s energy providers. High prices stemming from strong demand and shortages since the Russia-Ukraine conflict put Western energy companies in a position that analysts say will earn a combined $200 billion in profit this year.

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Photo : Jonathan Weiss /

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