In late January Chevron announced fourth quarter and full year 2022 results. Chevron earned a record $36.5 billion profit in 2022, more than doubling 2021 earnings.
In addition, Chevron increased its quarterly dividend by 6%, and announced a $75 billion stock buyback:
“The Board also authorized the repurchase of the company’s shares of common stock in an aggregate amount of $75 billion. The $75 billion authorization takes effect on April 1, 2023, and does not have a fixed expiration date. It replaces the Board’s previous repurchase authorization of $25 billion from January 2019, which will terminate on March 31, 2023, after the completion of the company’s repurchases in the first quarter 2023.”
The Biden Administration Responds
This stock buyback announcement got immediate attention from the Biden Administration. In a series of tweets, White House spokesperson Abdullah Hasan wrote: