Chevron annual profit doubles to record $36.5 billion, but misses estimates

Chevron Corp. on Friday posted a record $36.5 billion profit for 2022 that was more than double year-earlier earnings but fell shy of Wall Street estimates, undercut by an asset writedowns and a retreat in oil and gas prices. The second largest U.S. oil producer's adjusted net profit for 2022 beat by about $10 billion its previous record set in 2011. Chevron's numbers kick off what promises to be nosebleed level earnings for global energy suppliers.