Chevron nearly doubles Q3 earnings year-over-year
US major Chevron nearly doubled its profits in Q3 2022 from the same period a year ago, with earnings of $11.2bn against $6.1bn in Q3 2021, it said October 28.
Chevron’s upstream operations contributed $9.3bn of the total, while return on capital employed rose to 25% from 14.3% in Q3 2021. Cash provided by operating activities was $15.3bn, while free cash flow, excluding working capital, was $10.7bn. Dividends in Q3 were $2.7bn, 6% higher on a per-share basis, while share repurchases were $3.75bn.
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“We delivered another quarter of strong financial performance with return on capital employed of 25%,” CEO Mike Wirth said. “At the same time, we’re increasing investments and growing energy supplies, with our Permian production reaching another quarterly record.”
Permian basin production averaged more than 700,000 barrels of oil equivalent (boe)/day in the quarter, up 12% from a year ago, but global production was essentially flat, at 3.03mn boe/day. Net natural gas production was modestly higher worldwide, at 7.9bn ft3/day compared to 7.7bn ft3/day, with all of the gains coming from Chevron’s international operations.