Chevron records $15.6bn best earnings in 8 years

 Chevron seeks increased investment in gas output 

Chevron reported at the weekend full-year 2021 earnings of $15.6 billion, compared with a loss of $5.5 billion in 2020.

The U.S. supermajor also booked strong cash flow from operations of $29.2 billion and record free cash flow of $21.1 billion last year.

Chevron’s net oil-equivalent production grew in 2021 to a record 3.10 million barrels per day (bpd). The company also added 1.3 billion barrels of net oil-equivalent proved reserves in 2021, with the largest net additions in reserves coming from assets in the Permian Basin, the Gulf of Mexico, and Australia.

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Chevron’s U.S. upstream operations booked earnings of $7.319 billion for 2021, compared to a loss of $1.6 billion for 2020. The international upstream business earned $8.499 billion last year, compared to a loss of $825 million in 2020.

Downstream operations also yielded earnings in 2021, with the U.S. downstream business earning $2.389 billion versus a loss of $571 million in 2020.

“We’re more capital and cost efficient, enabling us to return more cash to shareholders,” Mike Wirth, Chevron’s chairman and chief executive officer, said in a statement.

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Earlier this week, Chevron raised its quarterly dividend by around 6 percent, putting it on track to make 2022 the 35th consecutive year with an increase in annual dividend payout per share.

Chevron’s stock rallied on Thursday to an all-time high of $136, but fell by 4 percent pre-market on Friday following the results release, which showed fourth quarter 2021 earnings below analyst estimates.

For the fourth quarter, Chevron booked adjusted earnings of $4.9 billion, or $2.56 per share, significantly higher than the adjusted earnings of $298 million, or $0.16 per share, for the fourth quarter 2020.

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Still, the Q4 2021 earnings per share fell well short of analyst expectations. The analyst consensus of the Wall Street Journal expected Chevron to post $3.12 per share earning.


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