$35.5 billion: High oil and gas prices force Chevron to record profits Palestinians end cooperation with Israel

The high prices for oil and natural gas gave the American company Chevron the highest profit in its history in 2022. At about $35.5 billion, the surplus was more than twice as high as last year, the oil and gas company announced on Friday in San Ramon, California.

In the fourth quarter, however, the increase slowed down considerably: with just under $ 6.4 billion, Chevron only had a good quarter more than in the same period last year. The stock was about 1 percent lower in premarket trading.

Analysts had expected sharply higher profits from oil and gas production. However, depreciation in the division weighed on the result. A few days ago, Chevron launched a billion-dollar share buyback program: starting in April, the group wants to buy back its own paper worth $75 billion. Chevron also increases its quarterly shareholder dividend by another 6 percent to $1.51. This means that the dividend has been increased for the 36th year in a row, according to the company.

Oil and gas prices rose sharply last year as a result of the Russian invasion of Ukraine. It was only after a few months that the situation calmed down. US President Joe Biden, meanwhile, had asked oil companies to put more money into production instead of dividends and share buybacks. (aeg/sda/awp/dpa)