Chevron's earnings rose sharply

On January 27, Chevron released its financial statements for the fourth quarter and the whole year of 2022. The financial report showed that the company's revenue in the fourth quarter of 2022 was $6.4 billion, compared with $5.1 billion in the fourth quarter of 2021. The income of $6.4 billion includes international upstream write-off and impairment charges of $1.1 billion and pension settlement costs of $17 million. The impact of foreign exchange reduced revenue by $405 million. The adjusted company income in the fourth quarter of 2022 was $7.9 billion, while the adjusted income in the fourth quarter of 2021 was $4.9 billion. The sales and other operating revenue in the fourth quarter of 2022 was $55 billion, compared with $46 billion in the same period last year.

Chevron reported that the annual revenue in 2022 was US $35.5 billion, compared with US $15.6 billion in 2021. The adjusted income in 2022 was $36.5 billion, while the adjusted income in 2021 was $15.6 billion. However, the company's total profit in 2022 and fourth quarter earnings were lower than Wall Street's expectations, mainly affected by asset write-downs and the decline in oil and gas prices.