Chevron profits slip as oil and gas prices fall

Chevron announced record earnings for 2022 but its fourth-quarter profits slipped from previous months in a sign that Big Oil’s cash surge is cooling after fossil fuel prices retreated from near all-time highs in the wake of Russia’s invasion of Ukraine.

The US oil supermajor’s fourth-quarter profit of $6.4bn was down sharply from $11.2bn in the third quarter, well shy of Wall Street expectations of $8.2bn, according to estimates compiled by S&P Capital IQ.