HOUSTON—Chevron Corp. on Friday posted a record $36.5 billion profit for 2022 that was more than double year-earlier earnings, but the bottom line fell shy of Wall Street estimates, undercut by asset writedowns and rising costs.
The second largest U.S. oil producer’s adjusted net profit for 2022 exceeded its previous record set in 2011 by about $10 billion. Still, higher expenses and weaker oil and fuel profits left fourth-quarter earnings 6.6 percent below Wall Street’s forecast, according to Refinitiv data.
