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Bloomberg
Chevron Chief Executive Officer Mike Wirth pushed back on claims by President Joe Biden that Big Oil’s record profits are being made on the back of the war in Ukraine and at the expense of the American people.
The industry’s highest-ever cash haul should not be viewed in isolation because only three years ago it was “losing billions of dollars as prices plummeted,†Wirth said in an episode of
“The David Rubenstein Show: Peer-to-Peer Conversations†on Bloomberg Television. “Through the cycle, it’s an industry that generates 10%-ish returns on capital employed, which is I think, by the standards of many other industries, a pretty modest return.â€
The 10 top-performing stocks in S&P 500 Index last year were energy firms, with traditional oil and gas producers dominating the list, despite a chorus of investors, political leaders and civil society groups calling for a transition to clean energy. Chevron is on course to report $37 billion in profit for 2022, 40% higher than its previous record set in 2011.