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Economy

“Chevron annual profit doubles to record $36.5 billion, but fourth-quarter miss hits shares”

Chevron on Friday posted a record $36.5 billion profit for 2022 that was more than double year-earlier earnings, but the bottom line fell shy of Wall Street estimates, undercut by asset writedowns and rising costs.

The second-largest U.S. oil producer’s adjusted net profit for 2022 exceeded its previous record set in 2011 by about $10 billion. Still, higher expenses and weaker oil and fuel profits left fourth-quarter earnings 6.6% below Wall Street’s forecast, according to Refinitiv data.

Chevron shares were down 1.5% in pre-market trading at $184.85…”

https://www.cnbc.com/2023/01/27/chevron-cvx-2022-profit-doubles-to-record-36point5-billion.html

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