Finance News

Chevron Delivers Strong 3Q Earnings

Chevron Corporation reports earnings of $11.2 billion ($5.78 per share - diluted) for third quarter 2022, compared with $6.1 billion ($3.19 per share - diluted) in third quarter 2021. Included in the current quarter were pension settlement costs of $177 million. Foreign currency effects increased earnings by $624 million.

Adjusted earnings of $10.8 billion ($5.56 per share - diluted) in third quarter 2022 compares to adjusted earnings of $5.7 billion ($2.96 per share - diluted) in third quarter 2021.

Sales and other operating revenues in third quarter 2022 were $64 billion, compared to $43 billion in the year-ago period.

ChevronLogo“We delivered another quarter of strong financial performance with return on capital employed of 25 percent,” said Mike Wirth, Chevron’s chairman and chief executive officer. “At the same time, we’re increasing investments and growing energy supplies, with our Permian production reaching another quarterly record.”

During the quarter, the company paid dividends of $2.7 billion (6 percent higher per share than third quarter 2021), increased investments by over 50 percent from last year, paid down debt for the sixth consecutive quarter, and repurchased $3.75 billion of shares (more than 1 percent of shares outstanding). The company’s third quarter Permian Basin unconventional production totaled over 700,000 barrels of oil equivalent per day, up over 12 percent from last year’s quarter.

“We’ve also taken important steps to position both our traditional and new energy businesses to help meet the world’s growing demand for our products,” Wirth concluded. The company’s recent business highlights include:

  • Approved a project to increase light crude oil processing capacity by 15 percent at the company’s Pasadena, Texas refinery.
  • Entered Namibia by acquiring an 80 percent working interest in a Deepwater oil and gas exploration lease.
  • Received permits, as part of joint ventures, to assess carbon storage for three blocks totaling nearly 7.8 million acres in offshore Australia.
  • Broke ground on a lower carbon feedstock expansion project at the company’s bio-refinery in Germany.
  • Delivered renewable natural gas for the first time from the Brightmark RNG Holdings LLC joint venture project in South Dakota.

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