In 2021, Chevron reported their highest earnings since 2014 with $15 billion in earnings. Chevron’s CEO also said that 2021 was the “most successful year ever.”
As gasoline prices increased 49.6% in 2021, the three biggest US oil companies — including Chevron — saw previously negative profits jump nearly $87.5 billion and boosted shareholder handouts by over $4.5 billion in FY 2021.
Chevron CFO Pierre Breber said the company is “generating excess cash,” which it’s proffering to Wall Street through dividends instead of paying workers or keeping prices reasonable. As gas prices soared, Chevron’s 240% profit spike was part of “the best two quarters the company has ever seen.”
Chevron’s profit has more than quadrupled in the first quarter of 2022 reporting $6.3 billion in earnings during the period up from $1.37 billion during the same quarter in 2021.