'The Definition of War Profiteering': Chevron Posts Record $35.5 Billion in Profit for 2022

Chevron announced Friday that it brought in a record-shattering $35.5 billion in profits in 2022, a sum that campaigners said highlights just how much the company benefited from global energy market chaos spurred by Russia's war on Ukraine.

“What Big Oil has done over the last year is the definition of war profiteering," said Jamie Henn, a spokesperson for the Stop The Oil Profiteering (STOP) campaign. "After working with Russia for decades, companies like Chevron have used the war in Ukraine as cover to jack up prices and suck billions directly out of the pocket of American families."

"Big Oil is rolling in cash while families are struggling to heat their homes or fill their gas tanks," Henn added. "Congress could provide people with immediate relief by returning some of the money Big Oil has pulled from our pockets over the last year. If Chevron has $75 billion to lavish on its wealthy shareholders and CEO, then it can certainly afford a windfall profits tax to provide much-needed relief to hard-working Americans."

Henn was referring to the massive stock buyback program that Chevron announced earlier this week, making clear the company's plan to reward shareholders with its 2022 windfall—which Chevron CEO Mike Wirth has defended as a "modest return."

Chevron, which reported $6.4 billion in profits for the fourth quarter of 2022, also raised its quarterly dividend by around 6%.

"That Chevron feels free to spend $75 billion of its windfall profits on stock buybacks signals its belief that it is immune from accountability," Robert Weissman, president of the consumer advocacy group Public Citizen, said in a statement Friday. "It has price gouged consumers in plain sight and it's going to get away with it."

"Once oil prices spiked after the Russian invasion of Ukraine, a government not compromised and captured by Big Oil would have done the commonsense thing of taxing Big Oil's windfall profits and returning the proceeds to consumers," said Weissman. "The failure to impose a windfall profits tax reflects Big Oil's raw political power, not any principled policy dispute."

Rep. Pramila Jayapal (D-Wash.), chair of the Congressional Progressive Caucus, called Chevron's buyback program "corporate greed at its worst."

"Chevron spent the last year raking in cash by price gouging consumers," Jayapal wrote on Twitter. "And now they're announcing $75 billion in stock buybacks as poor and working families continue to struggle."

"The failure to impose a windfall profits tax reflects Big Oil's raw political power, not any principled policy dispute."

Democratic lawmakers in the House and Senate introduced windfall profits tax legislation last year and President Joe Biden belatedly floated his support for the idea, but the proposal never moved in either chamber—which were both narrowly controlled by Democrats at the time.

Currently, the prospects of a windfall profits tax passing Congress are zero with the House controlled by Republicans, who have wasted no time placing oil and gas industry allies on key committees. The progressive watchdog group Accountable.US noted Friday that the chief of staff for Rep. Bruce Westerman (R-Ark.), the new chair of the House Natural Resources Committee, "is a longtime oil lobbyist."

"She'll be joining eight other former oil industry lobbyists in high-ranking staff positions on the Natural Resources Committee and in conference leadership," the group said in a new report.

Rep. Cathy McMorris Rodgers (R-Wash.), chair of the House Energy and Commerce Committee, received more oil and gas PAC money in the most recent election cycle than any other House Republican, Sludge reported last month.