At least some of that growth from 2022 came from higher crude oil prices. Brent, the global benchmark for the price of oil, touched $129 per barrel last June, compared with current levels of around $88 per barrel.

Chevron said it realized an average sale price for crude oil and natural gas liquids of $66 per barrel during the fourth quarter, up from $63 during the same period in 2021.

Mike Wirth, the chairman and CEO, said hefty profits came on the back of a record in production from its U.S. assets.

“The company’s investments increased by more than 75% from 2021 and annual U.S. production increased to 1.2 million barrels of oil equivalent per day, led by 16% growth in Permian basin unconventional production,” he said.

The Permian shale basin is among the most prolific oil and gas reservoirs in the country, with crude oil alone accounting for about 45% of total U.S. production.

That should be welcome news for a White House that spent much of last year fretting over bloated profits and the lack of investments on exploration and production. U.S. President Joe Biden lashed out last year after rival Exxon Mobil, which releases its earnings on Tuesday, “made more money than God” but returned much of that back to its investors.

Chevron’s earnings, however, should not escape scrutiny. Chevron said its quarterly dividend increased by 6% from 2021 levels, resulting in an $11 billion payout to shareholders.

The company also enacted a new $75 billion share buyback initiative.

“Again in 2022, we delivered on our financial priorities: returning cash to shareholders, investing capital efficiently, and paying down debt,” Wirth said.