Chevron records $11.2b earnings

Chevron Corporation has reported earnings of $11.2 billion for the third quarter 2022, which represents a significant increase when compared with $6.1 billion in the same period 2021.

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

Commenting on the development, Chevron’s Chairman and Chief Executive Officer, Mike Wirth, said: “We delivered another quarter of strong financial performance with return on capital employed of 25 percent,”

“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).

“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.