Summary
Chevron Corporation's 2022 10-K filing reveals a strong financial performance, driven by significantly higher commodity prices compared to the previous year. The company reported substantial increases in sales and operating revenues, reflecting improved upstream realizations and downstream margins. Chevron's strategic focus on delivering higher returns, lower carbon energy, and superior shareholder value is evident in its operations. The company continues to invest in its traditional oil and gas business while also advancing lower carbon initiatives in renewable fuels, hydrogen, and carbon capture. Significant capital expenditures were allocated to upstream development, particularly in the Permian Basin, and downstream enhancements. The company also highlighted its commitment to shareholder returns through substantial stock repurchases and an increasing quarterly dividend, marking its 35th consecutive year of dividend increases.
Financial Highlights
51 data points| Revenue | $235.72B |
| Cost of Revenue | $145.42B |
| Gross Profit | $90.30B |
| R&D Expenses | $268.00M |
| SG&A Expenses | $4.31B |
| Operating Expenses | $196.58B |
| Interest Expense | $516.00M |
| Net Income | $35.50B |
| EPS (Basic) | $18.36 |
| EPS (Diluted) | $18.28 |
| Shares Outstanding (Basic) | 1.93B |
| Shares Outstanding (Diluted) | 1.94B |
Key Highlights
- 1Chevron reported a net income attributable to Chevron Corporation of $35.5 billion for 2022, a significant increase from $15.6 billion in 2021, driven by higher energy prices and improved operational performance.
- 2Sales and other operating revenues surged to $235.7 billion in 2022, up from $155.6 billion in 2021, reflecting robust market conditions.
- 3The company's upstream segment saw earnings more than double, reaching $30.3 billion in 2022, driven by higher realizations for crude oil and natural gas.
- 4Downstream segment earnings also showed substantial improvement, rising to $8.2 billion in 2022 from $2.9 billion in 2021, due to stronger refining margins.
- 5Chevron repurchased $11.3 billion of its common stock in 2022 and increased its quarterly dividend by six percent in January 2023, demonstrating a commitment to shareholder returns.
- 6Capital expenditures increased to $12.0 billion in 2022, with significant investments directed towards upstream development in the Permian Basin and lower carbon initiatives.
- 7The company continues to advance its lower carbon strategy, with planned capital spend of approximately $10 billion through 2028 in renewable fuels, hydrogen, and carbon capture, with $4.8 billion already invested in 2021-2022.