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Chevron Rides High Oil Prices to Record $35.5 Billion Annual Profit

January 27, 2023

Chevron Corp. CVX -2.42%decrease; red down pointing triangle banked historic profit last year as the pandemic receded and the war in Ukraine pushed oil prices to multiyear highs, with its shares climbing 53% while other sectors tumbled.

The U.S. oil company in its quarterly earnings reported Friday that it collected $35.5 billion in its highest-ever annual profit in 2022, more than double the prior year and about one-third higher than its previous record in 2011. Almost $50 billion in cash streamed in from its oil-leveraged operations, another record underpinning plans to pay investors through a new $75 billion share-repurchase program over the next several years.

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