Chevron Corporation has reported earnings of US$11.2 billion (US$5.78 per share – diluted) for 3Q22, compared with US$6.1 billion (US$3.19 per share – diluted) in 3Q21. Included in the current quarter were pension settlement costs of US$177 million. Foreign currency effects increased earnings by US$624 million. Adjusted earnings of US$10.8 billion (US$5.56 per share – diluted) in 3Q22 compares to adjusted earnings of US$5.7 billion (US$2.96 per share – diluted) in 3Q21.
Sales and other operating revenues in 3Q22 were US$64 billion, compared to US$43 billion in the year-ago period.
“We delivered another quarter of strong financial performance with return on capital employed of 25%”, said Mike Wirth, Chevron’s Chairman and CEO. “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 US$2.7 billion (6% higher per share than 3Q21), increased investments by over 50% from last year, paid down debt for the sixth consecutive quarter, and repurchased US$3.75 billion of shares (more than 1% of shares outstanding). The company’s third quarter Permian Basin unconventional production totalled over 700 000 boe/d, up over 12% 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% at the company’s Pasadena, Texas refinery.
- Entered Namibia by acquiring an 80% working interest in a deepwater oil and gas exploration lease.
- Received permits, as part of Joint Ventures (JVs), to assess carbon storage for three blocks totalling 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 JV project in South Dakota.
Read the article online at: https://www.worldpipelines.com/business-news/31102022/chevron-announces-3q22-results/